Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2014. - 321/2014-RB - Foreign Exchange Management

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No. FEMA. 321/2014-RB September 26, 2014 Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2014 G.S.R. 733 (E) - In exercise of the powers conferred by clause (i) of sub-section (3) of Section 6 , and sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendment in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 ( Notification No. FEMA. 21/ 2000 -RB dated May 3, 2000 ), namely: 2. Short title and commencement (i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2014. (ii) They shall come into force from the date of their publication in the Official Gazette. 3. Amendment of the regulations In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 ( Notification No. FEMA 21/2000-RB dated May 3, 2000 ), after regulation 8 , the following shall be added namely: 9. Any transaction involving acquisition of immovable property under these regulations shall be subject to the applicable tax laws in India. (C D Srinivasan) Chief General Manager