Clarification - Purchase of Immovable Property in India – Reporting requirement.

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.... Attention of Authorised Dealer Category-I banks is invited to Regulation 5 of Notification No. FEMA 21/2000-RB viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000 dated May 3, 2000, as amended from time to time. In terms of the above Regulation, when a person resident outside India, who has established in India in accordance with the Forei....

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....egulation 2(c) of Notification No. FEMA 21/2000-RB, ibid, acquire/s immovable property in India in accordance with the said provisions of the aforesaid Notification. Form IPI has been, accordingly, amended for greater clarity. 3. Authorised Dealer Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained ....

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....vision), Reserve Bank  of India , Central Office , Mumbai - 400001 within 90 days from the date of acquisition of the immovable property. • This form is not to be submitted by a person resident outside India who is a citizen of India or a Person of Indian Origin (PIO) acquiring immovable property in India under General Permission in accordance with Regulations 3 and 4 of Notifica....

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.... property was acquired i.e. whether by way of purchase or lease (a)     (b) Name , citizenship and address of the seller/lessor (b)     (c) Amount of purchase price and sources of funds (c)   I/ We hereby declare that- (a)    the particulars given above are true and correct to the best of my/our knowledge and be....