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of <h1>RBI amends property acquisition rules for non-residents and persons of Indian origin under regulations 3 and 4</h1> The Reserve Bank of India amended the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 through notification dated February 10, 2006. The amendments modify regulations 3 and 4 to specify that non-residents and persons of Indian origin can acquire immovable property in India, excluding agricultural property, plantations, or farm houses. Payment for such acquisitions must be made through funds received via normal banking channels through inward remittances or from non-resident accounts maintained under the Act. The amendments prohibit payments through traveller's cheques, foreign currency notes, or other unauthorized modes.
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