Welcome move by the Govt to allow NRIs, OCIs to buy immovable property in India
Bringing good news to Non-Resident Indians and people of Indian origin, the Reserve Bank of India (RBI) on Wednesday said that NRIs and OCIs (Overseas Citizens of India) do not require its prior approval for the acquisition and transfer of immovable property in India, other than agricultural land, farmhouse and plantation property.
The clarification has been issued by the Reserve Bank of India following queries received at its various offices with regard to the acquisition of immovable properties by Overseas Citizens of India (OCIs) in the wake of a Supreme Court judgment relating to the 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Judgment dated February 26, 2021, in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” RBI said in a release.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 Reserve Bank of India said “NRIs/ OCIs are governed by provisions of the FEMA 1999 and do not require prior approval of the RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farmhouse/ plantation property…” NRIs are Non-Resident Indians living or working abroad maintaining Indian Citizenship. OCIs are persons who are Indian origin persons having other country citizenship.
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 judgment.
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Allah – O – Akbar….