FEMA (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2006 - 146/2005 - Foreign Exchange Management

FEMA (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2006 Notification No. FEMA 146/2005-RB Dated 10/02/2006 G.S.R. 130 (E). - In exercise of the powers conferred by clause (i) of Sub-section (3) of Section 6, Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property In India) Regulations, 2000 (Notification No. FEMA. 21/2000-RB dated May 3, 2000;- 1. Short Title and Commencement.- (i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2006. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. Amendment of Regulation 3. In regulation 3 of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (hereinafter referred to as the principal regulations), for clause (a), the following shall be substituted, namely :- "(a) acquire immovable property in India other than an agricultural property, plantation, or a farm house; Provided that in case of acquisition of immovable property, payment of purchase price, if any, shall be made out of (i) funds received in India through normal banking channels by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank. Provided further that no payment of purchase price for acquisition of immovable property shall be made either by travellers cheque or by foreign currency notes or by other mode other than those specifically permitted by this clause." 3. Amendment of Regulation 4 In regulation 4, for clause (a), the following shall be substituted, namely :- "(a) acquire immovable property in India other than an agricultural property, plantation, or a farm house: Provided that in case of acquisition of immovable property, payment of purchase price, if any, shall be made out of (i) funds received in India through normal banking channels by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank. Provided further that no payment of purchase price for acquisition of immovable property shall be made either by traveller's cheque or currency notes of any foreign country or any mode other than those specifically permitted by this clause." Sd/- VINAY BAIJAL Chief General Manager [No.F.1/23/EM/2000-Vol.IV] Note : This notification has been gazetted on 3.3.2006