NRIs, OCIs do not need RBI’s prior nod to buy immovable property in India except in select cases

Reserve Financial institution on Wednesday mentioned that NRIs and OCIs don’t require its prior approval for acquisition and switch of immovable property in India, aside from agricultural land, farm home and plantation property.

The clarification has been issued by Reserve Financial institution of India (RBI) following queries obtained at its numerous places of work with regard to acquisition of immovable properties by Abroad Residents of India (OCIs) within the wake of a Supreme Court docket judgment regarding Overseas Trade Regulation Act (FERA).

Click on right here
to see for those who’re eligible for immigration

“It’s hereby clarified that the involved Supreme Court docket Judgment dated February 26, 2021 in Civil Attraction 9546 of 2010 was associated to provisions of FERA, 1973, which has been repealed underneath Part 49 of FEMA, 1999,” RBI mentioned in a launch.

At current, the central financial institution mentioned “NRIs/OCIs are ruled by provisions of FEMA 1999 and don’t require prior approval of RBI for acquisition and switch of immovable property in India, aside from agricultural land/ farm home/ plantation property…”

NRIs are Non-Resident Indians.

Additional, the central financial institution mentioned that numerous queries have been obtained at its numerous places of work based mostly on newspaper stories on the Supreme Court docket judgement.