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Now, NRIs do not require permission of the Reserve Bank of India (RBI) to acquire residential or commercial property in India. The RBI has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase property in India for their bona fide residential purposes. The payment has to be made either out of inward remittances in foreign exchange through normal banking channels or out of funds in a NRE or FCNR account maintained with a bank in India. This is good news for NRIs who will want to exploit the boom of the Indian Real Estate industry.

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