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Does a foreign citizen of non-Indian origin require permission from the Reserve Bank of India (RBI) for acquisition of immovable property?

Yes. The RBI may grant permission to a foreign citizen of non-Indian origin/foreign companies if the property is purchased for residential use and the consideration is paid by way of foreign exchange.

08 Dec 2008

Yes. The RBI may grant permission to a foreign citizen of non-Indian origin/foreign companies if the property is purchased for residential use and the consideration is paid by way of foreign exchange. Income accumulated by way of rent etc. from such properties will be credited only to the Non Resident Ordinary (NRO) account. Sale proceeds will not be allowed to be repatriated but are to be credited in the NRO account only.



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