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of <h1>Rule 21: Restrictions on Overseas Property Acquisition by Indian Residents without RBI Approval; Inheritance and Specific Purchases Exempt.</h1> Rule 21 of the Foreign Exchange Management (Overseas Investment) Rules, 2022, restricts the acquisition or transfer of immovable property outside India by residents without Reserve Bank permission. Exceptions include properties acquired by inheritance, gift, or purchase under specific conditions, such as using foreign exchange from an RFC account or remittances under the Liberalised Remittance Scheme. Indian entities with overseas offices may acquire property for business and residential purposes within set financial limits. Transfers must comply with foreign exchange provisions, and any investment initially unauthorized under the Act is prohibited.
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