iNDICA NEWS BUREAU-
India’s top financial institution the Reserve Bank of India has released a statement that Non-resident Indians (NRI) and Overseas Citizens of India (OCI) need not seek prior approval for the acquisition and transfer of immovable property in India, other than agricultural land, farmhouse and plantation property.
On Wednesday, December 22, RBI clarified that it has been issued the 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 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Judgment dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” RBI said in a release.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 central bank said “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/ farm house/ plantation property…”
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.
