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Acquisition of Immovable Property Outside India - Branches/ Trading
Offices Overseas
A.P.
(DIR Series) Circular No. 71 dated 13th January 2003
In
terms of Regulation 3 of Notification No. FEMA 7/2000-RB dated May 3, 2000 no
person resident in India shall acquire or transfer any immovable property
outside India without general or special permission of Reserve Bank.
2.
It has now been decided to permit Indian corporates who have set up
overseas offices to acquire immovable property outside India for their business
as also staff residential purposes with the prior permission of Reserve Bank.
Applications in the form annexed may be submitted to the Chief General Manager,
Reserve Bank of India, Central Office, Exchange Control Department, Trade
Division (Exports), Amar Building, Mumbai through the authorised dealer.
3.
Further enquiries if any, in the matter may be sent to E-mail: [email protected].
4.
The above relaxations, subject to review shall be effective for a period
upto June 30, 2003.
5.
Necessary amendments to the Foreign Exchange Management Regulations, 2000
are being issued separately.
6.
Authorised dealers may bring the contents of this circular to the notice
of their constituents concerned.
7.
The directions contained in the circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999).
ANNEXURE
[A.P.
(DIR Series) Circular No. 71 dated 13th January 2002]
APPLICATION
FOR ACQUISITION OF IMMOVABLE PROPERTY OVERSEAS- BRANCHES/ TRADING OFFICES
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1.
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Name
and address of the company -
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(i)
In India
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(ii)
Abroad
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2.
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Date
of establishment of office abroad
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3.
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Net
worth for the previous 3 years based on audited balance-sheet
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4.
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Overdue
export outstandings, if any.
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5.
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Details
of property proposed to be acquired
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6.
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Purpose
for acquiring property
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7.
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Amount
of funds to be remitted
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8.
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Source
of funds
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9.
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Whether
under investigation of Enforcement Directorate/ Directorate of Revenue
Intelligence etc.
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We
hereby certify that the particulars given above are true to the best of our
knowledge and belief. We undertake to strictly abide by the instructions issued
and the conditions that may be stipulated by Reserve Bank.
(Signature
of Authorised Official) _________________
Place:
-
Date: -
Name:
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Designation: -
To,
Chief
General Manager,
Exchange
Control Department
Reserve Bank of India
Central Office, Trade Divison (Exports),
Amar Building, Mumbai 400 001
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