NRIs, PIOs not required to report property deals in India: RBI

Reserve Bank of India (RBI) on recntly  clarified that Non- Resident Indians  (NRIs) and Persons of Indian Origin (PIOs) are not required to report to the RBI the details of transactions while purchasing immovable property in India, an announcement which is likely to encourage Indian diaspora to invest in India.

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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