Acquisition and transfer of immovable property outside India regulated under FEMA, with RBI prescribing conditions, procedures and notification requirements. Regulation of acquisition and transfer of immovable property outside India is vested in the Reserve Bank of India under the Foreign Exchange Management Act; the RBI has promulgated the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2000 to govern cross border real estate transactions, setting out conditions, procedures and compliance obligations and issued as a formal notification published in the Official Gazette.