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TMI BlogClarification - Purchase of Immovable Property in India – Reporting requirement.X X X X Extracts X X X X X X X X Extracts X X X X ..... tegory-I banks is invited to Regulation 5 of Notification No. FEMA 21/2000-RB viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000 dated May 3, 2000, as amended from time to time. In terms of the above Regulation, when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Esta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . FEMA 21/2000-RB, ibid, acquire/s immovable property in India in accordance with the said provisions of the aforesaid Notification. Form IPI has been, accordingly, amended for greater clarity. 3. Authorised Dealer Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained in this circular have been issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Central Office , Mumbai 400001 within 90 days from the date of acquisition of the immovable property. This form is not to be submitted by a person resident outside India who is a citizen of India or a Person of Indian Origin (PIO) acquiring immovable property in India under General Permission in accordance with Regulations 3 and 4 of Notification No. FEMA 21/2000-RB dated May 3, 2000. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 (a) How the immovable property was acquired i.e. whether by way of purchase or lease (a) (b) Name , citizenship and address of the seller/lessor (b) (c) Amount of purchase price and sources of funds (c) I/ We hereby declare that- (a) the particulars given above are true a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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