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of <h1>RBI Regulations 2018: Rules for NRIs, OCIs on Property Deals in India; Excludes Farms, Needs RBI Nod for Some Nations.</h1> The Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, issued by the Reserve Bank of India, governs the acquisition and transfer of immovable property in India by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and certain foreign entities. The regulations outline conditions under which NRIs and OCIs can acquire or transfer property, excluding agricultural land, farmhouses, and plantations. Specific provisions apply to foreign embassies, diplomats, and spouses of NRIs/OCIs. Restrictions are placed on citizens of certain countries, requiring Reserve Bank approval for property transactions. Transactions must comply with Indian laws and banking channels, with tax obligations duly addressed.
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