Acquisition of immovable property abroad: Indian corporates may purchase overseas premises with prior central bank permission. Indian resident companies with overseas offices may acquire immovable property abroad for business and staff residential purposes only with prior permission of the Reserve Bank. Applications, submitted through an authorised dealer to the Chief General Manager, Exchange Control Department, must use the annexed form furnishing corporate details, overseas office establishment date, audited net worth, overdue export receivables, property particulars and purpose, remittance amount, source of funds and any investigations. Permission is time limited and subject to conditions and forthcoming amendments to the Foreign Exchange Management Regulations, 2000.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acquisition of immovable property abroad: Indian corporates may purchase overseas premises with prior central bank permission.
Indian resident companies with overseas offices may acquire immovable property abroad for business and staff residential purposes only with prior permission of the Reserve Bank. Applications, submitted through an authorised dealer to the Chief General Manager, Exchange Control Department, must use the annexed form furnishing corporate details, overseas office establishment date, audited net worth, overdue export receivables, property particulars and purpose, remittance amount, source of funds and any investigations. Permission is time limited and subject to conditions and forthcoming amendments to the Foreign Exchange Management Regulations, 2000.
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