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Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations 2015

FEMA - 43 - Dated:- 4-2-2016 - RBI/2015-16/308 A.P. (DIR Series) Circular No. 43/2015-16 [(1)/7(R)] February 04, 2016 To All Category - I Authorised Dealer and Authorised Banks Madam/ Sir Attention of Authorised Dealers (ADs) is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). On a review it is felt .....

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e following cases: a) Property held outside India by a foreign citizen resident in India; b) Property acquired by a person on or before 8th July, 1947 and held with the permission of Reserve Bank; c) Property acquired by way of gift or inheritance from: i) persons referred to in (b) above; ii) persons referred to in section 6(4) of the Act; d) Property purchased out of funds held in Resident Foreign Currency (RFC) account held in accordance with the Foreign Exchange Management (Foreign Currency .....

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s and residential purposes provided total remittances do not exceed the following limits prescribed for initial and recurring expenses, respectively: a) 15 per cent of the average annual sales/ income or turnover of the Indian entity during the last two financial years or up to 25 per cent of the net worth, whichever is higher; b) 10 per cent of the average annual sales/ income or turnover during the last two financial years. 4. For the purpose of these regulations, 'relative' in relatio .....

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