| Date: |
11-03-2015
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| Notification No: |
RBI/2014-15/495 A.P.(DIR Series) Circular No.83
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/495 |
| Subject: |
Acquisition/transfer of immovable property – Prohibition on citizens of certain countries
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RBI/2014-15/495
A.P.(DIR Series) Circular No.83
March 11, 2015
To
All Category – I Authorised Dealer Banks
Madam / Sir,
Acquisition/transfer of immovable property – Prohibition on citizens
of certain countries
Attention of Authorised Dealers in Foreign Exchange is invited to Regulation
7 of Foreign Exchange Management (Acquisition and Transfer of immovable property
in India) Regulations, 2000 notified vide Notification No. FEMA 21/2000-RB dated
3rd May 2000 in terms of which no person being a citizen of Pakistan,
Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan without prior
permission of the Reserve Bank shall acquire or transfer immovable property in
India, other than lease, not exceeding five years.
- It has been observed that Macau and Hong Kong are the two Special
Administrative Regions of China. As they are notified separately, it has
been decided, in consultation with the Government of India, that citizens of
Macau and Hong Kong will also be included in the list of countries which are
prohibited to acquire/transfer immovable property in India in terms of
Regulation 7 of FEMA ibid.
- Reserve Bank has since amended the Principal Regulations through the
Foreign Exchange Management (Acquisition and Transfer of immovable property
in India) (Amendment) Regulations, 2015 notified vide
Notification No.
FEMA.335/2015-RB dated February 4, 2015 c.f. G.S.R. No.120 (E) dated
February 24, 2015.
- Authorised Dealers may bring the contents of this circular to the notice
of their constituents concerned.
- The directions contained in this circular have been issued under Section
10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of
1999) and are without prejudice to permissions/approvals, if any, required
under any other law.
Yours faithfully
(B. P. Kanungo)
Principal Chief General Manager
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