• About
  • Advertise
  • Contact
  • Login
NRI Affairs
Youtube Channel
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other
No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other
No Result
View All Result
NRI Affairs
No Result
View All Result
Home News

NRIs/OCIs do not require prior approval for acquisition and transfer of immovable property in India: RBI

NRI Affairs News Desk by NRI Affairs News Desk
December 30, 2021
in News
Reading Time: 3 mins read
A A
0
NRIs/OCIs do not require prior approval for acquisition and transfer of immovable property in India: RBI

Photo: "Reserve bank of India Headquarters" by soham_pablo is licensed under CC BY 2.0

302
SHARES
2.7k
VIEWS
Share on FacebookShare on Twitter
Advertisements

According to a statement released by the Indian central bank, Non-Resident Indians and Overseas Indian Citizens do not need prior approval to buy or sell real estate like homes in the country

The Reserve Bank of India (RBI) has clarified that Non-resident Indians (NRIs) and overseas citizens of India (OCIs) do not require prior approval for buying or selling immovable properties like houses in the country, other than agricultural land, farmhouse and plantation property.

The clarification came following a large number of queries that had been received at various Offices of the Reserve Bank, based on newspaper reports on a Supreme Court Judgement, on whether prior approval of RBI is required for acquisition/transfer of immovable property in India by as Overseas Citizen of India OCIs.

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Judgment dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999.”

Clarification on Acquisition/Transfer of Immovable Property in India by Overseas Citizen of India (OCIs)https://t.co/qm81jlBw9u

— ReserveBankOfIndia (@RBI) December 29, 2021
Advertisements

“At present, 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, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999,” it added.

How can a Non-resident Indian (NRI) and an Overseas Citizen of India (OCI) acquire immovable property in India?

ParticularsNRI/ OCI (NDI Rules, 2019)
Purchase (other than agricultural land/ farmhouse/ plantation etc) fromResident/ NRI/ OCI [24(a)]
Acquire as gift (other than agricultural land/ farmhouse/ plantation etc) fromResident/ NRI/ OCI [24(b)] who is a relative
Acquire (any IP) as inheritance froma. Any person who has acquired it under laws in force [24(c)];
b. Resident [24(c)]
Sell (other than agricultural land/ farmhouse/ plantation etc) toResident/ NRI/ OCI [24(e)]
Sell (agricultural land) toResident [24(d)]
Gift (other than agricultural land) toResident/ NRI/ OCI [24(e)]
Gift (agricultural land) toResident [24(d)]
Gift residential/ commercial property toResident/ NRI/ OCI [24(e)]
 
Source: rbi.org.in

The RBI has directed that payment for immovable property can be received in India through banking channels and is subject to payment of all taxes and other duties/ levies in India. The payment can also be made out of funds held in NRE/ FCNR(B)/ NRO accounts of the NRIs/ OCIs. Payments should not be made through travellers’ cheque and foreign currency notes.

At present, according to guidelines set by the RBI, foreign nationals of non-Indian origin resident in India, other than Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau, Hong Kong and Democratic People’s Republic of Korea (DPRK), can acquire immovable property in India.

India blocks foreign funds to Missionaries of Charity
Share121Tweet76Send
NRI Affairs News Desk

NRI Affairs News Desk

Related Posts

Indian-origin, Rahul Roy-Chowdhary to become Grammarly's next CEO
News

Indian-origin, Rahul Roy-Chowdhary to become Grammarly’s next CEO

March 25, 2023
Amrita Ahuja, Block CFO of Indian origin accused in Hindenburg report
News

Amrita Ahuja, Block CFO of Indian origin accused in Hindenburg report

March 24, 2023
Tourist or Business visa holders can apply for jobs and interviews in US
Visa

Tourist or Business visa holders can apply for jobs and interviews in US

March 23, 2023
Next Post
India announces Air Transport Bubble with Saudi Arabia; a glance at Air Travel Arrangements with other countries

India announces Air Transport Bubble with Saudi Arabia; a glance at Air Travel Arrangements with other countries

360 thousand Indians stuck in Green Card queue

360 thousand Indians stuck in Green Card queue

Melbourne: Latest Victorian Government guidelines on coronavirus

Melbourne: Latest Victorian Government guidelines on coronavirus

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

India revokes OCI, long term visas of those indulging in ‘anti-India activities’: Reports

India revokes OCI, long term visas of those indulging in ‘anti-India activities’: Reports

1 year ago
Trade e1653984567116

US overtakes China as India’s largest trading partner with US$119.42 billion in FY22

10 months ago
Pakistan charges Hindu teacher with blasphemy, sentences him to life imprisonment

Pakistan charges Hindu teacher with blasphemy, sentences him to life imprisonment

1 year ago
Hindi Poetry

तुम्हारे ना मिलने का सुख

2 years ago

Categories

  • Literature
  • Multimedia
  • News
  • nriaffairs
  • Other
  • People
  • Top Stories
  • Uncategorized
  • Views
  • Visa

Topics

Air India Australia california Canada caste CECA COVID COVID-19 cricket ECTA Europe free trade FTA Geeta Germany h1b visa Hindu immigration India india-australia Indian Indian-American Indian-origin Indian Students Khalistan London Melbourne Modi Muslim New Zealand NRI NSW oci quarantine Singapore Sydney travel UAE uk Ukraine US USA Victoria visa women
NRI Affairs

© 2021 NRI Affairs.

Navigate Site

  • About
  • Advertise
  • Contact

Follow Us

No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other

© 2021 NRI Affairs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT