Mumbai: Non-resident Indians (NRIs) and overseas citizens of India (OCIs) don’t require prior approval for buying or selling immovable properties like houses in the country, Reserve Bank of India (RBI) clarified on Wednesday.
Do OCI need RBI permission to sell property in India?
A person of Indian origin resident outside India does not require any permission to transfer any immovable property in India other than agricultural land/farm house/plantation property, by way of sale to a person resident in India.
Can an OCI card holder sell property in India?
According to the latest rules regarding the OCI cardholders, Indian origin people who moved out from India for employment or business, NRIs with foreign citizenship, and OCI (Overseas Citizenship of India) cardholders are not allowed to buy and sell properties in India.
Can foreign citizen sell property in India?
If you are a Non-Resident Indian, you can sell the property to a Resident Indian without restrictions. If the buyer is a Non-Resident Indian or a Person of Indian Origin (POI), you may need the approval of the Reserve Bank of India (RBI). You are not allowed to sell the property to a foreigner.
Can OCI inherit property?
Inheritance: NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India.
Can OCI holder get Aadhaar?
Aadhaar Card enrollment is presently available to residents in India. OCI Cardholders who stay in India for a long time (over 182 days in twelve months immediately preceding the date of application for enrolment) and have an Indian address can also enroll for Aadhaar Card in India.
Can OCI holder live permanently in India?
Overseas Citizenship of India (OCI) is a form of permanent residency available to people of Indian origin and their spouses which allows them to live and work in India indefinitely. Despite the name, OCI status is not citizenship and does not grant the right to vote in Indian elections or hold public office.
Can OCI sell property in India without Aadhar card?
Yes. An NRI can sell property in India without an Aadhar Card as it is not mandatory for NRIs to have an Aadhar Card. The buyer must check for an NRO Account in the name of the NRI though where the proceeds from the sale of property will be deposited.
How long OCI can stay in India?
(i) An OCI is entitled to life long visa with free travel to India whereas for a PIO card holder, it is only valid for 15 years.
Can OCI sell agricultural land 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. … However, he/she can acquire or transfer immovable property in India, on lease, not exceeding five years.
Can OCI inherit agricultural land in India?
However, an NRO who is a citizen of India or an overseas citizenship of India cardholder can inherit agricultural land or any immovable property in India from a person resident in India. Do note that in case you decide to sell such agricultural land, it can only be sold to a person resident in India.
What are the limitations of OCI card?
For OCI Cardholders
|No requirement for registering with local police authorities after 180 days.||Not eligible for a government job.|
|No requirement for special permission to work and study||Not allowed to participate in Indian elections.|
|Similar benefits as NRIs on financial, educational.||–|