NRIs And OCIs Do Not Require Prior Approval To Purchase Or Sell Property In India

The Reserve Bank of India (RBI) clarified that non-resident Indians (NRIs) and overseas citizens of India (OCIs) do not need prior authorization to acquire or sell immovable properties such as houses in India. 

NRIs and OCIs are currently governed by the provisions of the Foreign Exchange Management Act (FEMA) 1999, which exempts them from obtaining prior RBI approval for the acquisition and transfer of immovable property in India, with the exception of agricultural land, farm houses, and plantation properties.

The central bank issued the clarification after receiving a considerable number of inquiries about whether previous RBI approval is required for OCIs to acquire or transfer immovable property in India, based on media reports about a Supreme Court decision.

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