NRIs, PIOs not required to report property deals in India: RBI
MUMBAI: RBI on Wednesday clarified that NRIs and PIOs are not required to report to the central bank the details of transactions while purchasing immovable property in India, an announcement which is likely to encourage Indian diaspora to invest in the country.
"It is clarified that the extant regulations do not prescribe any reporting requirements for transactions where a person resident outside India who is a citizen of India or a PIO... acquire/s immovable property in India," the Reserve Bank said.
"It is clarified that the extant regulations do not prescribe any reporting requirements for transactions where a person resident outside India who is a citizen of India or a PIO... acquire/s immovable property in India," the Reserve Bank said.
source
http://articles.economictimes.indiatimes.com/2012-02-15/news/31063034_1_persons-of-indian-origin-pios-immovable-property
No comments:
Post a Comment