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Judgment dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” RBI said in a release.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

Awards don’t create value for independent films in India: Manoj Bajpayee

Public Alert: Cyber fraudsters impersonating traffic police to demand fines

UP: 25 people booked for attacking civic officials for encroachment removal

SC transfers cheating case against choreographer Remo D’Souza to Delhi court

Fishing vessel collides with naval platform off Goa coast; 2 fishermen missing

‘Nation First’ key to India’s progress, says President Murmu

Karnataka BJP chief Vijayendra slams Cong govt over Waqf notices to farmers, fund crunch

Related Articles More

Air India to offer integrated aircraft maintenance engineering programme

Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

MUST WATCH

Christmas Cake Fruit Mixing

DK Shivakumar

Rose Cultivation

Geethotsava

Naxal Operation


Latest Additions

Decide on disqualification petitions against BRS MLAs in reasonable time: HC

Air India to offer integrated aircraft maintenance engineering programme

Awards don’t create value for independent films in India: Manoj Bajpayee

Karnataka bypolls: Outcome crucial for both ruling and oppn camps

Belagavi: Was youth killed for an iPhone? Police launch intensive probe

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.