The Reserve Bank of India (RBI) has clarified that Overseas Citizens of India (OCIs) do not require approval for purchase or transfer of immovable property in India other than in the case of agricultural land, farm house or plantation property.
In a statement, the RBI said it had received several queries based on reports on a Supreme Court judgment. “It is hereby clarified that the... judgment dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” it said.
“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,” it added.
