Resident individuals are also permitted to purchase property overseas jointly with a relative who is

resident outside India, without prior RBI approval.However, the property must be purchased using funds that are already overseas, without any outflow of funds from India.

2) Liberalised Remittance Scheme (LRS)

This scheme permits resident individuals to transfer funds abroad fIndia, up to a fixed annual limit, without prior RBI approval. In 2015, this annual limit (per financial year) was increased to USD 250,000. The funds transferred abroad under the LRS can be used to purchase property abroad.

Hello,

You may freely remit a sum of rs. $250000 annually under the Liberalized Remittance Scheme to your son residing in US so that it may be invested in assets etc. To do so, you must have an account at an authorized dealer and must designate a branch of that bank, through which all remittances under LRS will be made. LRS allows Indian residents to acquire and hold shares, including property, outside India without prior approval of the RBI.

thanks and Regards

Please feel free to rate my answer, and let me know if you need further assistance.

1. For investing in USA, you shall have to convert your Rs. 3 crores in to dollars i.e. you shall have to buy dollars paying Rupee.

2. Your such act will be governed by Foreign Exchange Management Act.

3. Based on the above Act, you shall have to obtain permission from RBI for investing Rs.3 crores in USA.

An Indian Party can make overseas direct investment in any bonafide activity.

Real estate as defined in Notification No. FEMA 120/RB-2004 dated July 7, 2004 and banking business are the prohibited sectors for overseas direct investment. Real estate business means buying and selling of real estate or trading in Transferable Development Rights (TDRs) but does not include development of townships, construction of residential/commercial premises, roads or bridges.

However, Indian banks operating in India can set up JVs/WOSs abroad provided they obtain clearance under the Banking Regulation Act, 1949, from the Department of Banking Regulation (DBR), CO, RBI.

An overseas JV / WOS, having direct or indirect equity participation by an Indian party, shall not offer financial products linked to Indian Rupee (e.g. non-deliverable trades involving foreign currency, rupee exchange rates, stock indices linked to Indian market, etc.) without the specific approval of the Reserve Bank. Any incidence of such product facilitation would be treated as a contravention of the extant FEMA regulations and would consequently attract action under the relevant provisions of FEMA, 1999.