Reserve Financial institution on Wednesday mentioned that NRIs and OCIs don’t require its prior approval for acquisition and switch of immovable property in India, apart from agricultural land, farm home and plantation property.
The clarification has been issued by Reserve Financial institution of India (RBI) following queries acquired at its numerous places of work with regard to acquisition of immovable properties by Abroad Residents of India (OCIs) within the wake of a Supreme Courtroom judgment referring to Overseas Alternate Regulation Act (FERA).
“It’s hereby clarified that the involved Supreme Courtroom Judgment dated February 26, 2021 in Civil Attraction 9546 of 2010 was associated to provisions of FERA, 1973, which has been repealed beneath Part 49 of FEMA, 1999,” RBI mentioned in a launch.
At current, the central financial institution mentioned “NRIs/OCIs are ruled by provisions of FEMA 1999 and don’t require prior approval of RBI for acquisition and switch of immovable property in India, apart from agricultural land/ farm home/ plantation property…” NRIs are Non-Resident Indians.
Additional, the central financial institution mentioned that numerous queries have been acquired at its numerous places of work primarily based on newspaper reviews on the Supreme Courtroom judgement.
(Solely the headline and movie of this report might have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)
Expensive Reader,
Enterprise Customary has all the time strived exhausting to supply up-to-date data and commentary on developments which might be of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on how you can enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these tough instances arising out of Covid-19, we proceed to stay dedicated to preserving you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.
We, nevertheless, have a request.
As we battle the financial influence of the pandemic, we’d like your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from a lot of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We imagine in free, truthful and credible journalism. Your help by extra subscriptions may help us practise the journalism to which we’re dedicated.
Help high quality journalism and subscribe to Enterprise Customary.
Digital Editor
https://www.business-standard.com/article/pf/nris-ocis-do-not-need-rbi-s-prior-nod-to-buy-immovable-property-in-india-121122901038_1.html
