NRIs, OCIs Don’t Need Prior Approval to Buy or Sell Immovable Property in India: RBI
Mumbai: Non-resident Indians (NRIs) and overseas citizens of India (OCIs) don't require prior approval for buying or selling immovable properties like houses in the country, Reserve Bank of India (RBI) clarified on December 26. "At present, NRIs and OCIs are governed by provisions of Foreign Exchange Management Act (FEMA) 1999 and do not require prior...