Corporate News January 2022, Part 2: Acquisory Bulletin

Chandni Ansari29 Jan, 2025Business

RBI clarifies 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, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, issued under Section 46 of Foreign Exchange Management Act (FEMA) 1999. This clarification specifically concludes that NRIs, PIOs and OCIs are governed by the provisions of FEMA, not erstwhile FERA. Such individuals can freely invest in India in the real estate sector or acquire immovable...