Rule 31 - Prohibition on Acquisition or Transfer of Immovable Property in India by Citizens of Certain Countries - Foreign Exchange Management (Non-debt Instruments) Rules, 2019

Prohibition on Acquisition or Transfer of Immovable Property in India by Citizens of Certain Countries 31. 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.