mohan (adr) 10 June 2013

Agri land by nri

hello there, we are farmers family and my parents are farmers since 1960. Recently i had been to gulf of job. With the money i earned, i purchased the agri land in my name and got registered. Now i have khata, pahani, RTC etc all on this agri land; no issue. But Last week i heard that NRI are not supposed to buy the agri land. In my case, we are farmers since 1960, i think this NRI issue should not be the problem in my case. kindly advice, if NRI law is applicable to me also where we are farmers since 1960, holding agri land since 1960. regards, mohan.

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bhagwat patil (Property due diligence 9422773303) 15 June 2013

NRI cannot purchase agricultural land in India as per RBI guideline updated July 2,2012 A. Acquisition of Immovable Property in India through purchase / gift/ inheritance Q.1. Who can purchase immovable property in India ? Ans. Under the general permission available, the following categories can purchase immovable property in India: i) Non-Resident Indian (NRI)1[1][1][1] ii) Person of Indian Origin (PIO)2[2][2] The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land / plantation property / farm house in India. Q.2. Can NRI/PIO acquire agricultural land/ plantation property / farm house in India? Ans. No. Q.3. Are any documents required to be filed with the Reserve Bank after the purchase? Ans. No. An NRI / PIO who has purchased residential / commercial property under general permission, is not required to file any documents/reports with the Reserve Bank.