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Do foreign citizens of Indian origin require permission of Reserve Bank to buy immovable property in India for their residential use?

April 26, 2017Bank buy citizens foreign immovable indian origin permission require Reserve

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Do foreign citizens of Indian origin require permission of Reserve Bank to buy immovable property in India for their residential use?

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Yes. However, Reserve Bank has granted general permission to foreign citizens of Indian origin, whether resident in India or abroad, to purchase immovable property in India for their bona fide residential purpose. They are, therefore, not required to obtain separate permission of Reserve Bank.