NRIs, OCIs do not need its prior nod to buy immovable property in India except in select cases: RBI
Team Udayavani, Dec 29, 2021, 6:17 PM IST
Mumbai, Dec 29 (RBI) Reserve Bank on Wednesday said that NRIs and OCIs do not require its prior approval for acquisition and transfer of immovable property in India, other than agricultural land, farm house and plantation property.
The clarification has been issued by Reserve Bank of India (RBI) following queries received at its various offices with regard to acquisition of immovable properties by Overseas Citizens of India (OCIs) in the wake of a Supreme Court judgment relating to Foreign Exchange Regulation Act (FERA).
”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Judgment dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” RBI said in a release.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…” NRIs are Non-Resident Indians.
Further, the central bank said that a large number of queries have been received at its various offices based on newspaper reports on the Supreme Court judgement.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Paytm COO Bhavesh Gupta quits; company rejigs senior management
Ola’s AI platform to compete with global companies in building energy-efficient data centres: Founder
Byju’s saga: Vendors’ claims before NCLT touch Rs 190 crore
Air India to restart Delhi-Tel Aviv flights on May 16
Vipul Organics participates in American Coatings Show in USA
MUST WATCH
Latest Additions
We were 15-20 runs short but did not bowl any loose balls: Ravindra Jadeja
NEET: ‘Incorrect distribution’ of papers at Rajasthan centre, exam reconducted for 120 candidates
Dandeli: Woman throws speech-disabled child into crocodile-infested river
Abduction allegations in ‘sexual abuse’ case: My arrest a political conspiracy, claims H D Revanna
Karnataka sex scandal: Congress asks PM Modi to break his ‘silence’