OCIs/ NRIs can buy or transfer immovable property in India except agricultural land, farmhouse or plantation property

According to Foreign Exchange Management Act, 1999,  – Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin, a Non-Resident Indian (NRI) is a citizen of India resident outside India

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The Overseas Citizens of India (OCI) are on parity with Non-Resident Indians (NRIs) when it comes to rules for acquisition or transfer of immovable property in India.

The OCI cardholders, like NRIs are permitted to purchase immovable property in India, but are not permitted to purchase agricultural land or a farmhouse or plantation property.

According to Foreign Exchange Management Act, 1999,  – Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin, a Non-Resident Indian (NRI) is a citizen of India resident outside India.

The clarification came from the Indian central bank in the last week of December 2021 after some issues raised in a section of media in India and abroad

India’s central bank, Reserve Bank of India (RBI) has cleared its position that the OCIs do not need the bank’s approval for acquisition or transfer of immovable property in India.

The clarification came from the Indian central bank in the last week of December 2021 after some issues raised in a section of media in India and abroad.

RBI issued a press release to clarify its position. “”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″ the release said.

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