RBI/2009-10/ 286
A.P. (DIR Series) Circular No.25
January 13, 2010
To
All Authorised Dealers in Foreign Exchange
Madam / Sir,
Purchase of Immovable Property in India by
Persons of Indian Origin (PIOs) – Amendment of the definition
Attention of Authorised Dealer Category-I banks is invited to clause (c) of
Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign
Exchange Management (Acquisition and Transfer of Immovable Property in India),
Regulations, 2000, as amended from time to time, in terms of which 'a Person of
Indian Origin' means an individual (not being a citizen of Pakistan or
Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who
(i) at any time, held an Indian Passport or (ii) who or either of whose father
or whose grandfather was a citizen of India by virtue of the Constitution of
India or the Citizenship Act, 1955 (57 of 1955).
- Government of India, has notified vide G.S.R.813 (E) in the Gazette of India
dated November 12, 2009 [Notification No.FEMA.200/2009-RB dated October 5, 2009]
an amendment to clause (c) of Regulation 2 of the Notification referred to
above. Accordingly, 'a Person of Indian Origin' means an individual (not being a
citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran
or Nepal or Bhutan) who (i) at any time, held an Indian Passport or (ii) who or
either of whose father or mother or whose grandfather or grandmother was a
citizen of India by virtue of the Constitution of India or the Citizenship Act,
1955 (57 of 1955). A copy of the Notification is annexed.
- Authorised Dealer Category-I banks may bring the contents of this circular to
the notice of their constituents and customers concerned.
- The Directions contained in this circular have been issued under sections
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,
(Salim Gangadharan )
Chief General Manager in Charge
RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
CENTRAL OFFICE
MUMBAI
Notification No. FEMA 200 / 2009 - RB.
October 5, 2009
Foreign Exchange Management (Acquisition and Transfer of
Immovable Property in India) (Second Amendment) Regulations, 2009
In exercise of the powers conferred by clause (i) of sub-section (3) of Section
6, and sub section (2) of Section 47 of the Foreign Exchange Management Act,
1999 (42 of 1999), the Reserve Bank of India hereby makes the following
amendment in the Foreign Exchange Management (Acquisition and Transfer of
Immovable Property in India) Regulations, 2000 (Notification No. FEMA. 21/ 2000
-RB dated May 3, 2000), namely:-
- Short title and commencement
(i) These Regulations may be called the Foreign Exchange Management (Acquisition
and Transfer of Immovable Property in India) (Second Amendment) Regulations,
2009
(ii) They shall come into force from the date of their publication in the
Official Gazette.
- Amendment of regulation 2
In the Foreign Exchange Management (Acquisition and Transfer of Immovable
Property in India) Regulations, 2000 (Notification No. FEMA 21/2000-RB dated May
3, 2000) in regulation 2, clause (c), sub clause (ii), shall be substituted by
the following, namely,-
" (ii) who or either of whose father or mother or whose grandfather or
grandmother was a citizen of India by virtue of the Constitution of India or the
Citizenship Act, 1955 (57 of 1955)."
(Salim Gangadharan)
Chief General Manager –in-Charge
Foot Note:
The Principal Regulations were published in the Official Gazette vide G.S.R No.
407 (E) dated May 8, 2000 in Part II, Section 3, Sub-Section (i) and
subsequently amended vide:
i) G.S.R No 578 (E) dated 19-8-2002
ii) G.S.R No 557 (E) dated 22-7-2003
iii) G.S.R No 130 (E) dated 3-3-2006
iv) G.S.R No 299 (E) dated 1-5-2009