Section 9 in Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018
9. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries.
- No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong or Macau or Democratic People's Republic of Korea (DPRK) without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years.Provided this prohibition shall not apply to an OCI.Explanation. - For the purpose of this regulation the term "citizen" shall include natural persons and legal entities.
