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of <h1>Amendments Allow Overseas Lenders to Sell Secured Properties in India; Indian Residents Can Create Charges on Properties</h1> The Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2009, introduced by the Reserve Bank of India, amends the 2000 regulations under the Foreign Exchange Management Act, 1999. Effective from July 11, 2008, the amendments allow banks to permit overseas lenders or security trustees to sell immovable properties in India, secured against external commercial borrowings, to Indian residents. Additionally, banks may allow Indian residents to create charges on immovable properties in favor of overseas lenders to secure such borrowings. These changes are certified to have no adverse retrospective effects on individuals.
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