RBI clarifies on Acquisition/Transfer of Immovable Property in India by Overseas Citizen of India (OCIs)

RBI today said that a large number of queries have been received at various offices of the Reserve Bank, 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 as Overseas Citizen of India OCIs. In this regard, Central Bank…