NRIs do not require prior approval to purchase or promote immovable property in India, RBI has clarified
Mumbai:
Non-resident Indians (NRIs) and abroad residents of India (OCIs) do not require prior approval for getting or promoting immovable properties like homes within the nation, Reserve Financial institution of India (RBI) clarified on Wednesday.
“At current, NRIs and OCIs are ruled by provisions of International Trade Administration Act (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,” RBI stated in an announcement.
The central financial institution issued the clarification because it has obtained a lot of queries based mostly on media stories on a Supreme Courtroom Judgement, on whether or not prior approval of RBI is required for acquisition or switch of immovable property in India by OCIs.
“It’s hereby clarified that the involved Supreme Courtroom Judgement dated February 26, 2021 was associated to provisions of FERA, 1973, which has been repealed underneath Part 49 of FEMA, 1999,” the RBI made it clear.
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