Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific app

Question: Can foreign nationals of non-Indian origin resident in India or outside India who had earlier acquired immovable property under FERA with specific approval of the RBI continue to hold the same? Can they transfer such property?

Answer(s)

Raju Kanumuri: Yes, they may continue to hold the immovable property under holding license obtained from the Reserve Bank. However, they can transfer the property only with the prior approval of the Reserve Bank.

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