Immovable Property NRIs, OCIs don't need RBI's approval for buying immovable property in India
Mumbai/IBNS: The Reserve Bank of India (RBI) has said NRIs and OCIs do not need its prior permission for the sale and transfer of immovable properties in India, other than agricultural land, farm houses, plantation properties.
The RBI issued the clarification following ueries at his various offices in connection with the acquisition of immovable properties by Overseas Citizens of India (OCIs) after a Supreme Court judgment relating to Foreign Exchange Regulation Act (FERA).
NRIs are Non-Resident Indians.
"It is hereby clarified that the concerned Supreme Court Judgment dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999," RBI said in a release.
At present, the central bank said "NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property..."
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