RBI has clarified that NRIs and OCIs do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land, farmhouse or plantation property. RBI received a large number of queries 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 OCIs. RBI clarified that concerned order was related to FERA which has been repealed u/s 49 of FEMA.RBI has clarified that NRIs and OCIs do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land, farmhouse or plantation property. RBI received a large number of queries 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 OCIs. RBI clarified that concerned order was related to FERA which has been repealed u/s 49 of FEMA.taxmann.com Latest Statutory HappeningsRead More
