According to Reserve Bank , ''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 clarification follows confusion over whether Non- Resident Indians (NRIs) and Persons of Indian Origin (PIOs), like foreigners, too have to file a declaration with the Reserve Bank within 90 days from the date of acquisition of properties.
Foreigners make the declaration in IPI ( Immovable Property in India ) form. "Form IPI has been, accordingly, amended for greater clarity," RBI said in a statement.
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