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Are NRIs/PIOs to obtain approval of RBI for acquiring immovable property in India?

April 26, 2017Approval immovable India NRIs obtain Property rbi

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Are NRIs/PIOs to obtain approval of RBI for acquiring immovable property in India?

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Ans. No. RBI has granted general permission to NRIs / PIOs (not being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan) to invest (acquire) in immovable property in India other than agricultural land, plantation property or farm house.