Regulation 8 - Prohibition on transfer of immovable property in India - Foreign Exchange Management (Acquisition And Transfer of Immovable Property In India) Regulations, 2000

8. Prohibition on transfer of immovable property in India :- Save as otherwise provided in the Act or Regulations, no person resident outside India shall transfer any immovable property in India:- Provided that the Reserve Bank may, for sufficient reasons, permit the transfer, subject to such conditions as may be considered necessary. 1 [Provided further that a bank which is an authorised dealer may, subject to the directions issued by the Reserve Bank in this behalf permit a person resident in India or on behalf of such person to create charge on his immovable property in India in favour an overseas lender or security trustee, to secure an external commercial borrowing availed under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No. FEMA 3/2000-RB, dated 3-5-2000).] *********** Notes: 1. Inserted vide notification no. 186/2009 dated 3/2/2009 with effect from 11/7/2008