Purchase of immovable property in India by Non-Resident Indians and Persons of Indian Origin – Mode of Payment – Clarification

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..... Dealer Banks Madam / Sir, Purchase of immovable property in India by Non-Resident Indians and Persons of Indian Origin - Mode of Payment - Clarification Attention of Authorised Dealer Category I (AD - Category I) banks is invited to Regulation No. 3 and 4 of Notification No. FEMA 21/RB-2000 dated May 3, 2000, as amended from time to time. 2. In terms of Regulations 3 and 4 of the Notificatio .....

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..... -RB dated February 10, 2006 [Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000] issued in this regard is enclosed. 5. AD - Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 6. The directions contained in this Circular have been issued under Section 10 (4) and 11 (1) of the .....

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