Regulation 5 - Acquisition of Immovable Property for carrying on a permitted activity - Foreign Exchange Management (Acquisition And Transfer of Immovable Property In India) Regulations, 2000

5. Acquisition of Immovable Property for carrying on a permitted activity:- A person resident outside India who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business for carrying on in India any activity, excluding a liaison office, may - (a) acquire any immovable property in India, which is necessary for or incidental to carrying on such activity; Provided that (i) all applicable laws, rules, regulations or directions for the time being in force are duly complied with; and (ii) the person files with the Reserve Bank a declaration in the form IPI annexed to these regulations, not later than ninety days from the date of such acquisition; (b) transfer by way of mortgage to an authorised dealer as a security for any borrowing, the immovable property acquired in pursuance of clause (a).