PIO 's right to buy Argicultural land?

Dear Querist,

Acquiring immovable property in India by persons resident outside India is regulated in terms of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA. 21/2000-RB dated May 3, 2000. The persons resident outside India includes PIO.

However, please note that the regulations under the Notification No FEMA 21 dated May 3, 2000 permit a PIO to acquire immovable property in India other than agricultural land or, plantation property or farm house.

For acquiring such land, since general permission is not available to PIO to acquire agricultural land in India, such proposals will require specific approval of Reserve Bank and the proposals are considered in consultation with the Government of India.

Trust this would suffice.