NRIs, OCIs Don't Need Prior Approval to Buy Or Sell Immovable Property In India: RBI

NRIs and OCIs don't require prior approval for buying or selling immovable properties like houses in the country, RBI has clarified

The central bank issued the clarification as it has received a large number of queries based on media reports on a Supreme Court Judgement, on whether prior approval of RBI is required for acquisition or transfer of immovable property in India by OCIs

"It is hereby clarified that the concerned Supreme Court Judgement dated February 26, 2021 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999," the RBI made it clear

https://www.ndtv.com/business/nris-ocis-dont-require-prior-approval-to-buy-immovable-property-in-india-rbi-2678421