Home Acts & Rules FEMA Rules Foreign Exchange Management (Non-debt Instruments) Rules, 2019 Chapters List Chapter IX ACQUISITION AND TRANSFER OF IMMOVABLE PROPERTY IN INDIA This
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Rule 31 - Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries - Foreign Exchange Management (Non-debt Instruments) Rules, 2019Extract 31. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong or Macau or Democratic People s Republic of Korea (DPRK) without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease not exceeding five years : Provided that this prohibition shall not apply to an OCI. Explanation : For the purpose of this rule, the term citizen shall include natural persons and legal entities.
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