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RBI expands negative list of countries for investment in property
The Reserve Bank of India (RBI) has added Hong Kong and Macau to the list of the countries whose citizens need to take prior permission of RBI before acquiring or transferring immovable property in India. The addition is in line with RBI’s earlier circular and cannot be called a surprise, as it is observed that Beijing continues to have a significant say in their political framework and Macau and Hong Kong are the two Special Administrative Regions of China which have been on the list since 2000. The original list also includes neighbouring countries like Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, Nepal and Bhutan.