Payment can be made by NRI/ PIO out of –
(a) funds remitted to India through normal banking channel or
(b) funds held in NRE/ FCNR (B)/ NRO account maintained in India No payment can be made either by traveller’s cheque or by foreign currency notes. No payment can be made outside India.
Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it – property that is fixed to the earth, such as land or a house. In the United States it is also commercially and legally known as real estate and in Britain as property.
A person resident outside India who is a citizen of India (NRI) can acquire by way of purchase, any immovable property in India other than agricultural land/plantation property/farm house. He can transfer any immovable property other than agricultural or plantation property or farm house to-
a) A person resident outside India who is a citizen of India or
b) A person of Indian origin resident outside India or c) A person resident in India.