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    NRIs, PIOs need not report property deals in India

    Yahoo! India – Thu 16 Feb, 2012

    Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) will not be required to report to the Central Bank on the details of transactions while purchasing immovable property in India, the Reserve Bank of India (RBI) confirmed on Wednesday.
    Unlike foreigners, who have to file a declaration with the Reserve Bank within 90 days from the date of purchase of properties, NRIs and PIOs are not expected to comply with any such procedures.
    "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 RBI said.
    According to the RBI, foreigners make the declaration in IPI form, which has now been amended for greater clarity. RBI’s announcement could spur investment in India from the country’s diaspora, the report added.

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    8 comments

    • Heman
      Heman  •  3 months ago
      Another way to help the reality sector?
      Most of the real estate project are going unsold, now this is another way to pump in money to property deals? Why can't the government reduce the interest rate and help the citizens of our country?
    • lokesh
      lokesh  •  Muscat, Oman  •  3 months ago
      Govt Selling land to mafias & thugs, to make tall building there & then let them sell at high prices. THe Question is , Why the Govt allocates land to builders. Why the GOvt cannot develop the Tall building and sell to public. ? The simple answer to it , its Govt intension to bring black money in Reality market so that these decision maker (govt ) get huge amount undertable from mafias and thugs.
    • lokesh
      lokesh  •  Muscat, Oman  •  3 months ago
      Do they have intension to help middle class , or Lower middle class to buy house. , Such a Stupid policies of Govt (or corrupt policies of this Govt) that Prices of property rise 10 times in last 10 years in Metros.
      Govt Can sell land to private builders & loot us, but Govt cannot develop the land and provide good housing option to us. Limits of corrupt Govt.
    • dileep
      dileep  •  3 months ago
      Does that include agricultaral land and plantations? Anybody knows exactly what are the rules regarding them?
      • Opinion
        Opinion 3 months ago
        No as a PIO card holder you cannot purchase agricultural lands. This law applies even to Indians. But people like Amitabh Bachan own agricultural lands although he is not a farmer.
    • Bharat Vajani
      Bharat Vajani  •  Mumbai, Maharashtra  •  3 months ago
      This may be one of the way to bring back the unaccounted money of Indian Nationals hidden & stashed abroad in foreign banks through this NRI route. This may also bring back the smile on the Face of Builder's lobby & solve their problem of liquidity crunch . But in turn the expectation of the property price to come down may remain the dream of masses.
    • RAM
      RAM  •  Bangalore, Karnataka  •  3 months ago
      1.This rule should be applicable only those NRI who has gone after 1900

      2. This rule should not be applicable on Agriculture land.

      3. This rule should be applicable only those City whose population are more than 2 lac & less than 50 Lac.
    • chandrasekhar
      chandrasekhar  •  Hyderabad, Andhra Pradesh  •  3 months ago
      To end corruption THE GOD GIVEN LAND should not be SOLD or PURCHASED . It sholud be enjoyed only.The legislation gives end to all EVILS in the society
    • Navaneeth
      Navaneeth  •  Doha, Qatar  •  3 months ago
      watever happens the worl n ppl in india will b lie shit only..
      until someone realises something and does a little for the upliftment of the country..
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