Purchase/Sale of Immovable Property by ForeignEmbassies/Diplomats/Consulate Generals - FEMA - 019

Purchase/Sale of Immovable Property by ForeignEmbassies/Diplomats/Consulate Generals Reserve Bank of India Exchange Control Department Central Office Mumbai - 400 001 A.P. (DIR Series) Circular No.19 September 23, 2003 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Purchase/Sale of Immovable Property by ForeignEmbassies/Diplomats/Consulate Generals Attention of Authorised Dealers is invited to Regulation 5 of Notification No.FEMA.21/2000-RB dated May 3, 2000 regarding acquisition of immovable property in India by a person resident outside India for carrying on a permitted activity. 2. The matter has been reviewed in consultation with Government and it has been decided to allow a Foreign Embassy/Diplomat/Consulate General to 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 channel. Accordingly, Reserve Bank has issued Notification No.FEMA.93/2003-RB dated June 9, 2003 (copy enclosed) amending the existing Regulation by inserting Regulation 5A in the said Notification. 3. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager