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of <h1>RBI Permits Foreign Embassies and Diplomats to Buy or Sell Property in India, Excluding Agricultural Land and Farmhouses.</h1> The Reserve Bank of India has issued a circular allowing foreign embassies, diplomats, and consulate generals to purchase or sell immovable property in India, excluding agricultural land, plantation property, or farmhouses. This is contingent upon obtaining clearance from the Ministry of External Affairs and ensuring that the payment for such property is made through funds remitted from abroad via banking channels. This decision amends the existing regulations under the Foreign Exchange Management Act, 1999, and authorized dealers are instructed to inform relevant parties of these changes.
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