Foreigners to transfer/dispose of immovable property situated in India by sale or mortgage need RBI’s prior permission. Supreme Court of India explains the Section 31 of FERA, 1973
The 3-judge bench of SUPREME COURT of India, consisting AM Khanwilkar, Indi Malhotra and Ajay Rastogi has held that the condition predicated in Section 31 of the Foreign Exchange Regulation Act, 1973 of obtaining “previous” general or special permission of the RBI for transfer or disposal of immovable property situated in India by sale or … Read more