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of <h1>RBI Circular Details FEMA Rules for Foreign Investments in Indian Property, Excludes Agricultural Land and Requires Compliance.</h1> The circular issued by the Reserve Bank of India outlines regulations under the Foreign Exchange Management Act (FEMA) concerning foreign investments in immovable property in India. It specifies conditions under which persons residing outside India, including Persons of Indian Origin (PIOs) and foreign embassies, can acquire, transfer, or inherit immovable property, excluding agricultural land, farmhouses, and plantations. It also details the process for repatriating sale proceeds and prohibits citizens from certain countries from acquiring property without Reserve Bank permission. The circular emphasizes compliance with applicable laws and mandates authorized dealers to inform relevant parties of these regulations.
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