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The buyer must pay for immovable property through banking channels in India. This payment subject to taxes and other duties/ levies. It can also be made out of funds held in NRE/ FCNR(B)/ NRO accounts of the NRIs/ OCIs. Payments should not be made through travellers’ cheque and foreign currency notes.

How can NRIs and PIOs sell property?

Last updated on Jun 7, 2022

NRIs and PIOs can sell property in India in accordance with the Master Circular.(( RBI’s Master Circular on Acquisition and Transfer of Immovable Property in India by NRIs/PIOs/Foreign Nationals of Non-Indian Origin, 2013)) An NRI can sell property in India to a person resident in India or an NRI or a PIO. A PIO can sell property in India to a person resident in India, an NRI or a PIO – with the prior approval of RBI. NRIs and PIOs are permitted to sell agricultural land /plantation property/farm houses only to a person resident in India who is a citizen of India.

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