Acquisition of immovable property by NRIs and PIOs: rules on permitted purchases, payment channels and repatriation conditions. The Master Circular consolidates FEMA permissions and restrictions on acquisition and transfer of immovable property by NRIs, PIOs, diplomatic missions and foreign nationals. NRIs and PIOs may purchase non agricultural property and must pay only through prescribed banking channels or specified non resident accounts; purchases under general permission need no Reserve Bank filing. Diplomatic entities require Government clearance; non resident businesses must file Form IPI. Repatriation of sale proceeds is conditional on lawful acquisition, specified source/payment channels and limits, while citizens of certain countries need prior Reserve Bank permission for acquisitions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acquisition of immovable property by NRIs and PIOs: rules on permitted purchases, payment channels and repatriation conditions.
The Master Circular consolidates FEMA permissions and restrictions on acquisition and transfer of immovable property by NRIs, PIOs, diplomatic missions and foreign nationals. NRIs and PIOs may purchase non agricultural property and must pay only through prescribed banking channels or specified non resident accounts; purchases under general permission need no Reserve Bank filing. Diplomatic entities require Government clearance; non resident businesses must file Form IPI. Repatriation of sale proceeds is conditional on lawful acquisition, specified source/payment channels and limits, while citizens of certain countries need prior Reserve Bank permission for acquisitions.
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