What are the necessary formalities under the general permission for foreign citizens of Indian origin while purchasing residential immovable property in India?
Foreign citizens of Indian origin are required to file a Declaration in Form IPI 7 with the Central Office of Reserve Bank of India at Mumbai. This must be done within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration. The Declaration should be filed along with a certified copy of the document as an evidence of the transaction, and a bank certificate regarding the consideration paid.
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