Rich Indians set their sights on properties abroad

April 10--WITH property prices in Mumbai soaring to record highs, many affluent Indians now find it more affordable to acquire a property abroad. Consequently, many rich Mumbai residents are buying properties in cities such as Dubai, Singapore and London, besides a few other locations.  The Reserve Bank of India (RBI) under its 'liberalised remittance scheme' allows every resident individual to remit up to $100,000 a year for any current or capital account transaction, or a combination of both.  Indians can acquire and hold immovable property or shares or any other asset outside India without seeking the RBI's prior approval. Of course, this facility is over and above the one relating to travel (private and business), overseas education and medical treatment.