Restriction on acquisition or transfer of immovable property outside India

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..... ve as otherwise provided in the Act or this rule, No person resident in India shall acquire or transfer any immovable property situated outside India without general or special permission of the Reserve Bank Except:- If property held or acquired by a person resident in India held by a person resident in India who is a national of a foreign State ; .....

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..... e from a person resident in India who has acquired such property as per the foreign exchange provisions in force at the time of such acquisition; (ii) A person resident in India (PRII) may acquire immovable property outside India from a person resident outside India (PROI) (a) by way of inheritance; (b) by way of purchase out of foreign exchange held in RFC ac .....

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..... (iv) a person resident in India (PRII) who has acquired any immovable property outside India in accordance with the foreign exchange provisions in force at the time of such acquisition may (a) transfer such property by way of gift to a person resident in India who is eligible to acquire such property under these rules or by way of sale ; (b .....

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