NRIs, OCIs don’t need prior approval to buy immovable property in India: RBI

The Reserve Bank of India (RBI) released a clarification with regards to the acquisition/transfer of immovable property in India by an Overseas Citizen of India (OCIs).

NRIs, OCIs don’t need prior approval to buy immovable property in India: RBI
Reserve Bank of India (RBI). Photo: gettyimages.

According to the Reserve Bank of India (RBI), Non-Resident Indians (NRIs) and Overseas Citizen of India (OCIs) do not need the bank's prior authorization to purchase or sell immovable properties in India.

The RBI mentioned in a statement, "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/ farmhouse/ plantation property, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated Oct. 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999."