RBI move to limit forex outflows could impact overseas property buys
Aug 17, 2013
Source : The Hindu

 

HYDERABAD: The Reserve Bank of India's move to limit foreign exchange outflows from resident individuals is likely to impact Indians making investments abroad in property and education.

This move is aimed to bring down remittances by resident individuals under the Liberalised Remittance Scheme from $200,000 to $75,000 during a financial year.

RBI has brought about certain restrictions on forex outflows and ban on gold coin imports to contain current account deficit.

According to real estate consultancy services company Jones LangLasalle, the new restrictions by the RBI with regards to Indians investing in international real estate under the Liberalised Remittance Scheme have been introduced in an effort to stabilise the rupee. This move will have medium to long-term implications.

Om Ahuja, CEO, Residential Services, Jones Lang LaSalle India, in a statement said individuals who were planning to buy international real estate at attractive valuations and planning for their kids’ education and housing aboard will now see such plans challenged.

“Currently, the variety of options available on the international property market offer very attractive rental yield and valuations, making the proposition of investing in property abroad a potentially lucrative one”, he felt.

However, the new restrictions will put a dampener on the sentiments of Indian investors who were considering this route, he explained.

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