CURRENT AFFAIRS

Detailed explanation-1: -As per RBI’s press release, NRIs and OCIs are presently governed by Foreign Exchange Management Act (FEMA) 1999 provisions. They do not require RBI’s prior approval to acquire and transfer immovable property in India, other than agricultural land, farmhouse, plantation property.

Detailed explanation-2: -As per the 1973 Act, any person who is not a citizen of India or any company which is not incorporated in the country is required to get permission from RBI to acquire, hold, transfer or dispose an immovable property in the country.”

Detailed explanation-3: -Q: Can OCI card holders purchase property in India? A: OCI card holders can purchase residential and commercial properties in India. But they are not permitted to purchase agricultural land, including farmland or any kind of plantation property.

Detailed explanation-4: -As per these rules, no person resident in India shall acquire or transfer any immovable property situated outside the country without the RBI’s permission, except as provided in the rules.