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of <h1>RBI Guidelines for NRIs & PIOs on Property Acquisition and Transfer in India Under FEMA Regulations.</h1> The Master Circular issued by the Reserve Bank of India 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. Under the Foreign Exchange Management Act, 1999 (FEMA), NRIs and PIOs can purchase property in India, excluding agricultural land, plantation, or farmhouses, and transfer it under specific conditions. Foreign nationals need prior permission to acquire property, except for leases under five years. The circular also details repatriation of sale proceeds, refund policies, and tax obligations, emphasizing compliance with FEMA regulations.
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