NRIs/OCIs don’t require RBI’s prior approval to acquire/transfer immovable property in India, clarifies RBI
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- Last Updated on 25 February, 2026
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Press Release: 2021-2022/1439. Dated: 29.12.2021
RBI has clarified that NRIs and Overseas Citizens of India (OCIs) do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land, farmhouse or plantation property. RBI received a large number of queries based on newspaper reports on a Supreme Court Judgement, on whether prior approval of RBI is required for acquisition/transfer of immovable property in India by OCIs. RBI clarified that the concerned Supreme Court Judgement dated February 26, 2021, in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999.
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