9911796707
TMI BlogForeign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... nded from time to time, the Reserve Bank of India makes the following regulations, namely: - 1. Short title and commencement:- i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018. ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions:- In these Regulations, unless the context otherwise requires - (a) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (b) An 'Authorised Dealer' means a person authorised as an authorised dealer under sub- section (1) of section 10 of the Act; (c) 'Non-Resident Indian (NRI)' means a person resident outside India who is a citizen of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acquire any immovable property in India other than agricultural land/ farm house/ plantation property by way of gift from a person resident in India or from an NRI or from an OCI, who in any case is a relative as defined in section 2(77) of the Companies Act, 2013; (c) acquire any immovable property in India by way of inheritance from a person resident outside India who had acquired such property (a) in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations or (b) from a person resident in India; (d) transfer any immovable property in India to a person resident in India; (e) transfer any immovable property other than agricultural land/ farm house/ plant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bassy/ Diplomat/ Consulate General may purchase/ sell immovable property in India other than agricultural land/ plantation property/ farm house provided (i) clearance from Government of India, Ministry of External Affairs is obtained for such purchase/ sale, and (ii) the consideration for acquisition of immovable property in India is paid out of funds remitted from abroad through banking channels. 6. Joint acquisition by the spouse of an NRI or an OCI:- A person resident outside India, not being a Non-Resident Indian or an Overseas Citizen of India, who is a spouse of a Non-Resident Indian or an Overseas Citizen of India may acquire one immovable property (other than agricultural land/ farm house/ plantation property), jointly with his/ h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (b) the person submits a declaration to the Revenue Authority of the district where the property is located, specifying the source of funds and that he/ she is residing in India on LTV; (c) the registration documents of the property should mention the nationality and the fact that such person is on LTV; (d) the property of such person may be attached/ confiscated in the event of his/ her indulgence in anti-India activities; (e) a copy of the documents of the purchased property shall be submitted to the Deputy Commissioner of Police (DCP)/ Foreigners Registration Office (FRO)/ Foreigners Regional Registration Office (FRRO) concerned and to the Ministry of Home Affairs (Foreigners Division); (f) such person shall be eligible to sell th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owing or Lending in Foreign Exchange) Regulations, 2000, as amended from time to time, a bank which is an authorised dealer may permit the overseas lender or the security trustee (in whose favour the charge on immovable property has been created to secure the ECB) to sell the immovable property on which the said loan has been secured only to a (by the) person resident in India and to repatriate the sale proceeds towards outstanding dues in respect of the said loan and not any other loan. 9. Prohibition on acquisition or transfer of immovable property in India by citizens of certain countries:- No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong or Macau or Democratic People's Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said overseas lender. Provided (a) the funds shall be used by the borrowing company only for its core business purposes overseas; (b) in case of invocation of charge, the Indian bank shall sell the immovable property to an eligible acquirer and remit the sale proceeds to the overseas lender. (iv) A person resident outside India who has acquired any immovable property in India in accordance with foreign exchange laws in force at the time of such acquisition or with the general or specific permission of the Reserve Bank may transfer such property to a person resident in India provided the transaction takes place through banking channels in India and provided that the resident is not otherwise prohibited from such acquisition. 11. Misc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
