Remember? After India's U19 win in 2008, Kohli was signed by RCB — and the rest is history
cricket4 hours ago
Non-Resident Indians (NRIs) and Overseas Citizen of India (OCIs) will no longer need prior approval of the Reserve Bank of India (RBI) to buy or sell immovable property like houses in India, other than agricultural land, farm house and plantation property, the central bank said on Wednesday.
The clarification has been issued by RBI after received a large number of queries with regard to acquisition of immovable properties by OCIs in the wake of a Supreme Court judgement relating to Foreign Exchange Regulation Act (FERA).
“At present, NRIs/OCIs are governed by provisions of FEMA 1999 and do not require prior approval of RBI for acquisition and transfer of immovable property in India, other than agricultural land/ farm house/ plantation property, as per the terms and conditions laid down in Chapter IX of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019 (as amended from time to time), issued under Section 46 of FEMA 1999,” the RBI said in a statement.
ALSO READ:
The RBI issued a clarification on acquisition/transfer of immovable property in India by Overseas Citizen of India (OCIs).
“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,” the central bank said.
“It is hereby 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Judgement dated February 26, 2021 in Civil Appeal 9546 of 2010 was related to provisions of FERA, 1973, which has been repealed under Section 49 of FEMA, 1999,” the RBI added. (ANI)
Remember? After India's U19 win in 2008, Kohli was signed by RCB — and the rest is history
cricket4 hours ago
The mixed martial arts star denied the allegation and said he had 'fully consensual sex' with the plaintiff Nikita Hand
world5 hours ago
Modi lost his majority in parliamentary elections held between April and June and had to depend on fickle allies to form a government
asia5 hours ago
Sporadic fighting between Sunni and Shiite Muslims in the mountainous Khyber Pakhtunkhwa province has killed around 150 over the past months
asia6 hours ago
Imagine if a nurse or doctor didn't feel safe to report an error seen by colleagues — consider how many patients could be at risk
jobs7 hours ago
Trump has plucked a number of presidential appointments from Fox News programs, both in his first term from 2017-2021 and since being elected again on November 5
world7 hours ago
This place also offers golden karak tea for Dh150 and if you want to buy gold-infused water, get ready to shell out Dh300
food7 hours ago
A unified platform for drone operations will also be launched, streamlining registration and operational procedures
uae8 hours ago