Acquisition/transfer of immovable property - Prohibition on citizens of certain countries
Reserve Bank of India
has amended 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 to include the citizens of Macau and Hong Kong also
in the list of countries which are prohibited to acquire/transfer immovable
property in India in terms of Regulation 7 of FEMA.
In terms of 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, 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.
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Acquisition/transfer
of immovable property – Prohibition on citizens of certain countries -
Circular - Dated 11-3-2015 - FEMA
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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.
2. 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.
3. 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.
4. Authorised Dealers
may bring the contents of this circular to the notice of their constituents
concerned.
5. 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.
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