ACQUISITION OF IMMOVABLE PROPERTY by persons resident outside India. NRIs and PIOs can purchase immovable property (excepting agr. land) without any restrictions.
Prior Approval India cannot acquire immovable property in India. They can take the property on lease for max 5 years without RBI permission. -
Corporates incorporated outside India have to obtain prior approval of RBI (in form FNC) for establishing a branch or liaison office.
1. Reporting to be done within 5 days of BO/LO becoming functional to the Director General of Police of the State concerned.
2. Annual activity certificates certified by CAs as on 31st March before 30th Sept every year along with balance sheet etc with a copy to Director General of Income Tax (International Taxation), New Delhi.