Acquisition/transfer of immovable property - Prohibition on citizens of certain countries - RBI Clarification
AS per Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000, no person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years.
It has been observed that Macau and Hong Kong are the two Special Administrative Regions of China. As they are notified separately, RBI has decided, in consultation with the Government of India, that citizens of Macau and Hong Kong will also be included in the list of countries, which are prohibited to acquire/transfer immovable property in India.
Circular No.83/RBI., Dated: March 11, 2015