A non-resident Indian (NRI) is a resident of India who possesses an Indian passport and has provisionally emigrated to another country for six months or more for residence, education, employment or any other intention whatsoever. A person of Indian origin (PIO) is a person of Indian origin or ancestry whose ancestors were born in India or nations with Indian ancestry but isn’t a citizen of India, instead residing in another country. A PIO might have been a citizen of India and thereafter become a citizen of another country.
An Indian-born individual (that includes individuals belonging to other nations with Indian ancestry) who has taken the citizenship of other countries.
The Indian government considers any individual to be of Indian origin until the fourth generation uprooted to be a person of Indian origin, except for those who were ever nationals of Sri Lanka, Bhutan, Afghanistan, Nepal, Pakistan or Bangladesh. Periodically, the list also includes Iran as a prohibited country. The government issues a PIO Card to an individual after their ancestry or origin are confirmed, thereby entitling them to come into India without a visa.
NRIs in possession of an Indian passport do not require any permission from RBI for obtaining immovable property for bonafide residential purposes. Non-resident Indians with an Indian passport may pay the purchase consideration either by normal banking channel or through remittance of funds from abroad or out of NRO/NRE/FCNR account.