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Do Foreign nationals need OCI compulsory to sell their property?
15-Jan-2023 (In Property Law)
Some members in our family are Foreign Nationals of India Origin having names in ancestral property. We would like to know if OCI is compulsory for them to sell their property or can they give a POA to a close relative attested by High Commission of India and send it to India without going for OCI, or is it a must? Is there any other way it can be done?
Yes permission is required to be obtained from DMU (Debt Management Unit) seller is OCI and purchaser is Indian national. If both buyer and seller are foreign national holding OCI then permission of RBI is required to be obtained. Permission can be obtained by party through their POA.
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Adv. Shane Dias Sapeco
Goa | 25+ Answers
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There is no compulsion on having an OCI for a foreign national to sell his property acquired by inheritance and/or acquired iafyer complying with the provisions of FEMA. However the proper procedure is to obatin approval from State Registrar to execute the deed of Sale even if it is done through Power of attorney
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Adv. Salil Saudagar
Goa | 25+ Answers
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