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Our Bureau

Mumbai, Aug 16

NRIs and persons of Indian origin can no longer buy property in India using travellers' cheques or foreign currency. Payments must be made only through normal banking channels, according to Reserve Bank of India.

The RBI today issued a notification saying that payment for such property should be made only by way of inward remittance from any place in India or through funds held in NRE account maintained in accordance with the Foreign Exchange Management Act, 1999.

More Stories on : Real Estate & Construction | RBI & Other Central Banks | NRIs

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