Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

FEMA, (Acquisition And Transfer Of Immovable Property Outside India), Regulations 2000.


Short title and commencement
Definitions
Restriction on acquisition or transfer of immovable property outside India
Exemptions
Acquisition and Transfer of Immovable Property outside India

Foreign Exchange Management
(Acquisition and transfer of immovable property outside India)
Regulations, 2000

Notification No.FEMA 7/2000-RB dated 3rd May 2000 - In exercise of the powers conferred by clause (h) of sub-section (3) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank hereby makes the following regulations relating to acquisition and transfer of immovable property outside India, namely :-

  1. Short title and commencement :-
    1. These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) (Amendment) Regulations, 2003.
    2. These shall come into effect on their publication in the Official Gazette.

    (Above (i) & (ii) has been amended vide Notification No :. FEMA 103/2003-RB, DT. 13/10/2003)

    "Pre-Revised
    1. These regulations may be called the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2000.
    2. They shall come into force on 1st day of June, 2000."
  2. Definitions :-

    In these regulations, unless the context requires otherwise, –
    1. ‘Act’ means the Foreign Exchange Management Act, 1999 (42 of 1999) ;
    2. the words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act.
  3. Restriction on acquisition or transfer of immovable property outside India :-

    Save as otherwise provided in the Act or in these regulations, no person resident in India shall acquire or transfer any immovable property situated outside India without general or special permission of the Reserve Bank.
  4. Exemptions :-

    Nothing contained in these regulations shall apply to the property –
    1. held by a person resident in India who is a national of a foreign state ;
    2. acquired by a person resident in India on or before 8th July 1947 and continued to be held by him with the permission of the Reserve Bank.
  5. Acquisition and Transfer of Immovable Property outside India :-
    1. A person resident in India may acquire immovable property outside India, -
      1. by way of gift or inheritance from a person referred to in sub-section (4) of Section 6 of the Act, or referred to in clause (b) of regulation 4;
      2. by way of purchase out of foreign exchange held in Resident Foreign Currency (RFC) account maintained in accordance with the Foreign Exchange Management (Foreign Currency accounts by a person resident in India) Regulations, 2000;
    2. A person resident in India, who has acquired immovable property outside India under sub-regulation (1) of this regulation, may transfer it by way of gift to his relative who is a person resident in India;
    3. Reserve Bank may, on an application made to it, permit a company incorporated in India having overseas offices, to acquire immovable property outside India for its business and for residential purpose of its staff, subject to such terms and conditions as may be considered necessary.

      (Above sub-regulation (3) has been added vide Notification No. FEMA 103/2003-RB, DT. 13/10/2003)

      Explanation :

      For the purposes of this regulation, ‘relative’ in relation to an individual means husband, wife, brother or sister or any lineal ascendant or descendant of that individual.

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 21-01-2021
Notification No.05/2021 - Customs (N.T.)
Exchange rate Notification No.05/2021-Cus (NT) dated 21.1.2021.

Date: 19-01-2021
Circular No. 1077/01/2021 - CX
Strict compliance to Limitation while filing Appeals/Petitions before Courts/ Tribunal -reg.

Date: 18-01-2021
Notification No. 8/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 18-01-2021
Notification No. 7/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 15-01-2021
Trade Notice No. 38/2020-21
Introduction of online e-PRC System for Application seeking Policy/Procedure relaxation in terms of Para 2.58 of FTP 2015-20

Date: 14-01-2021
Circular No.01/2021-Customs
Transhipment of Import & Export Cargo via Sri Lanka and Bangladesh-Waiver of bank guarantee –reg.

Date: 14-01-2021
Notification No. 04/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 14-01-2021
Notification No. 05/2021-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 12-01-2021
Notification No. 02/2021 - Central Tax
Seeks to make amendment (2021) to CGST Rules, 2017.

Date: 11-01-2021
Trade Notice No. 37/2020-2021
Electronic Issuance of Preferential Certificate of Origin (CoO) for India’s Exports to UK under Generalised Scheme of Preferences (GSP)



Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001