Non-resident Indians are not allowed to purchase agricultural land

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Non-resident Indians are not allowed to purchase agricultural land

Non-resident Indians are not allowed to purchase agricultural land

Under Fema and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, Non-resident Indians are not permitted to purchase an agricultural land or plantation property or farmhouse in India.

The Foreign Exchange Management Act, 1999 (Fema), is the statute to consolidate the law for foreign exchange with the objective to facilitate external trade and payments and to promote the orderly development and maintenance of foreign exchange market in India.

Under Fema and the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018, Non-resident Indians are not permitted to purchase an agricultural land or plantation property or farmhouse in India.

However, one may seek special permission from the Reserve Bank of India, which may be granted only after the consideration of various factors.