INSUBCONTINENT EXCLUSIVE:
NRIs don't require prior approval to buy or sell immovable property in India, RBI has clarifiedMumbai: 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,
(FEMA) 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural
immovable property in India by OCIs."It is hereby clarified that the concerned Supreme Court Judgement dated February 26, 2021 was related
to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999," the RBI made it clear.
