NRIs, PIOs need not report property deals in India: RBI

Mtoday news/ PTI

Mumbai, Feb 17: 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.