The Supreme Court has ruled that Indians who have obtained foreign citizenship will now require special permission from Reserve Bank to purchase or sell or mortgage their domestic property.
This means that a person who is not a citizen of India would require special permission from the Reserve Bank to buy or sell or mortgage their assets in India.
The court also clarified that the transfer of such assets will not have legal validity until the Reserve Bank gives its approval. At the same time, the court added that the transactions so far need not be re-examined.
The landmark verdict came in a case involving the transfer of a property in Bengaluru.
The ruling comes at a time when the government is introducing a new law that removes many of the rights of OCI card holders.
This is a major setback for overseas Indians. It will be very difficult for them to move forward with their assets. There is no doubt that this will be a huge blow to the real estate sector in many parts of India.
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