For NRI permission from RBI is necessary to purchase agricultural land
2) You can visit RBI website for details regarding authority to be approached for purchase of agricultural land
RBI permission for Buying agriculture Land by NRI (Indian Citizen) in Maharashtra
Hi Respected Lawyers. I am Indian Citizen (Holding Indian Passport) and I am staying with my wife and kids in Indonesia since last 9 years, I am staying in Indonesia on base of working visa. Since I, my wife and kids staying more than 180 days outside INDIA, so our residence status is NRI (Non-Resident Indian). I am planning to buy Agriculture land (Rice crops and Season cropping) in Maharashtra, India under my wife name. My Wife born and brought up in Maharashtra and her father is farmer. I would like to understand that whether I need to get RBI permission/approval for such purchase being NRI ? I would like to understand that whether I need to get RBI permission/approval before deciding/initiating conversation with land owner ? THANKS
Asked 2 years ago in Property Law
Religion: Hindu
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8 Answers
- As per FEMA21/2000 RBI rules , an NRI or PIO cannot acquire agricultural land /farm house/plantation property in India.
- If you will purchase an agriculture land in Maharashtra, then it will be a violation of FEMA laws , that can result in a penalty or even confutation of that property.
- Further, to purchase an agricultural property in India, an NRI has to take a prior approval from Reserve Bank of India, But you can acquire this property only by way of inheritance.
- Being an NRI , you are only allowed to purchase residential or commercial property in India.
- - Since, your wife is staying with you there , then she will be also considered as an NR, and hence same rule applied with her as well i.e. RBI permission is required for purchasing the agriculture property in India.
1. Under normal circumstances, an NRI is not permitted to buy agricultural property in India.
2. However, you can obtain specific permission from the RBI, to go ahead with buying the agricultural property in India.
3. After obtaining permission from the RBI to buy the agricultural property in your wife's name, then only initiate talks with the seller.
As you and your wife along with your children are residing in Indonesia for over 9 years on date, I am afraid neither you nor your wife will be eligible for purchase of agricultural property in India. With the residential status given as NRI, you may not be eligible for purchase of agricultural property in India and the RBI also may not be able to help you to enable you to purchase the agricultural property in India in the given status
Dear Client,
If you're an NRI who wants to buy agricultural land in Maharashtra, India, under your wife's name, you should know that the Reserve Bank of India (RBI) usually needs to approve such purchases. There could be issues if you start talking to the landowner before getting RBI approval. To ensure compliance with regulations, navigate the complexities, and facilitate the necessary approvals, it is advisable to seek legal advice from a specialist in Indian real estate laws before moving forward with the purchase.
Being NRI you can’t buy agricultural land in india you can only inherit it. It requires special permission from RBI to do so which is very stringent
You can't buy agriculture land on your or your wife's name. Only you can take land on lease for 60 months.
Best way you can buy the agriculture land on your parents or on In-laws name.
But you have to play very safe transaction deal while transferring the amount.
NRI cannot buy agricultural land in India if you do so the FEMA authorities could send you a notice and your land can be confiscated by the government and they can even charge you with a fine. NRI can only inherit agricultural land from a family member.
Only way out to purchase in the name pf FIL.
