Prohibition on transfer of immovable property: limited RBI authorised exceptions allow secured charges and controlled transfers.

Regulation 10 prohibits transfer of immovable property in India by persons resident outside India except as provided by law; the Reserve Bank may permit transfers subject to conditions. Authorised dealers or banks may create charges or mortgages on such property to secure external commercial borrowings or overseas loans under Reserve Bank directions, with conditions requiring funds be used for the borrower's core overseas business and, on invocation, sale to an eligible acquirer and remittance of proceeds to the overseas lender. Transfers originally acquired under foreign exchange laws or Reserve Bank permission may be transferred to residents through banking channels if permitted.

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