S.21
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Acquisition, Holding, etc. of Immovable Property in India by Nepalese/Bhutanese
Nepalese/Bhutanese nationals, whether resident in India or not, should obtain prior permission of Reserve Bank under Section 31 of FERA 1973, to acquire, hold, transfer or dispose of by sale, mortgage, lease (for a period exceeding five years), gift, settlement or otherwise, any immovable property in India even though the transactions may be settled in Indian rupees. (See paragraph 11 E.4 regarding general permission).