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Why can't Indians buy property overseas with credit cards?

short by Daisy Mowke / on Tuesday, 24 March, 2026
ED recently sent notices to Indians who purchased property in Dubai using credit cards. Credit cards, essentially a form of borrowing from banks, aren't permitted for overseas property purchases under Indian law, said CNBCTV18. Officials said when buyers swipe their credit cards for down payments on properties in Dubai, they are relying on borrowed funds, which isn't permitted under FEMA.
read more at CNBCTV18