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of <h1>RBI Circular Regulates Property Acquisition in India by NRIs, PIOs, and Foreign Nationals Under FEMA 1999.</h1> The Master Circular issued by the Reserve Bank of India (RBI) outlines the regulations for the acquisition and transfer of immovable property in India by Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and foreign nationals of non-Indian origin. Governed by the Foreign Exchange Management Act, 1999, the circular details the conditions under which these groups can purchase, transfer, and repatriate property. It specifies the types of properties that can be acquired, payment methods, and the necessity for government clearance in certain cases. The circular includes a sunset clause, expiring on July 1, 2014, to be replaced by an updated version.
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