Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015. - 335/2015-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION NO. 335/2015-RB Mumbai, the 4th February, 2015 Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015 G.S.R. 120(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, 2015. (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 ), the existing regulation 7 shall be substituted by the following namely: 7. 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, Macau or Hong Kong without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years. C. D. SRINIVASAN, Chief General Manager Foot Note : The Principal Regulations were published in the Official Gazette vide G.S.R. No. 407 (E) dated May 8, 2000 in Part II, Section 3, sub-Section (i) and subsequently amended as under:- G.S.R. No. 578 (E), dated 19.08.2002 G.S.R. No. 557 (E), dated 22.07.2003 G.S.R. No. 130 (E), dated 03.03.2006 G.S.R. No. 299 (E), dated 01.05.2009 G.S.R. No. 813 (E), dated 12.11.2009 G.S.R. No. 733 (E), dated 17.10.2014