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FOREIGN EXCHANGE MANAGEMENT (ACQUISITION AND TRANSFER OF IMMOVABLE
PROPERTY OUTSIDE INDIA) REGULATIONS, 2000
Notification
No. 7 dated 3rd May 2000
GSR
390(E), dated 3.5.2000: In exercise of the power 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: -
(i)
These regulations may be called the Foreign Exchange Management
(Acquisition and Transfer of Immovable Property Outside India) Regulations,
2000.
(ii)
They shall come into force on 1st day of June 2000.
In
these regulations, unless the context requires otherwise, -
(i)
�Act� means the Foreign Exchange Management Act, 1999 (42 of 1999);
(ii)
The words and expressions used but not defined in these Regulations shall
have the same meanings respectively assigned to them in the Act.
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.
Nothing
contained in these regulations shall apply to the property-
(a)
held by a person resident in India who is a national of a foreign state;
(b)
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.
(1)
A person resident in India may acquire immovable property outside India,
-
(a)
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;
(b)
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;
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