India:There has been a spurt of queries raised on social media within the communities on whether prior approval of RBI is required for acquisition/transfer of immovable property in India by as Overseas Citizen of India OCIs.
This was based on newspaper reports on a Supreme Court Judgement dated February 26, 2021.
Due to various confusion and interpretations on the above judgment, the Indian government issued a press note on December 29, 2021, clarifying as below:
“It is hereby clarified that the concerned Supreme Court Judgement dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999.
“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/ farm house/ plantation property, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999”.
Under the regulations issued by the RBI, an NRI or an OCI may purchase any number of residential or commercial properties in India. Besides purchase, an NRI or an OCI may also acquire any residential or commercial property by way of gift from any of his NRI, OCI or resident relatives.
When a property is acquired by an NRI or OCI by way of gift, the registered gift deed constitutes valid title documents and the same can be used for mutation, i.e. recording of the title in revenue records. Where a property is acquired through Will, depending on the state where the property is situated, a probate of the Will may be required to perfect the title. The Will, or where probate is compulsory, the probated Will can be used for mutation and other similar purposes.
- VISIT RBI : How can a Non-resident Indian (NRI) and an Overseas Citizen of India (OCI) acquire immovable property in India?
- VISIT COURT JUDGEMENT: To Read The Supreme Court Judgement
NRIs, OCIs Don't Need Prior Approval To Buy Or Sell Immovable Property In India: RBI https://t.co/meoWG3nJyZ via @ndtv
— UCMI (@UCMI5) June 28, 2022
To get the latest news & information from www.irishindianmirror.com click on the link and follow: Indian in Ireland | Accommodation |
.png)
The opinions posted here do not belong to 🔰www.indiansdaily.com. The author is solely responsible for the opinions.
As per the IT policy of the Central Government, insults against an individual, community, religion or country, defamatory and inflammatory remarks, obscene and vulgar language are punishable offenses. Legal action will be taken for such expressions of opinion.