How to get RBI approval for property transactions by foreign nationals
I am seeking information regarding the process outlined below, which applies to individual transactions and not for any business or corporate purposes.
As per the information provided in the RBI notification (Question 7) [link: https://www.rbi.org.in/commonman/english/scripts/Notification.aspx?Id=845#A1]:
7. Prior permission to the citizens of certain countries for acquisition or transfer of immovable property in India
A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, or Bhutan, whether resident in India or outside India, cannot acquire or transfer immovable property in India without prior permission from the Reserve Bank of India. This restriction does not apply where the immovable property is taken on lease for a period not exceeding five years.
Could someone please clarify how to apply for this permission from the RBI?
I have been attempting to get in touch with RBI through calls, but my inquiries are repeatedly routed to different extensions without any resolution. Additionally, I have sent several emails but have not received any responses.
Any guidance or assistance on this matter would be greatly appreciated.
Asked 26 days ago in Property Law
Religion: Hindu