FEMA (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2006

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....e powers conferred by clause (i) of Sub-section (3) of Section 6, Sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property In India) Regulations, 2000 (Notification No. FEMA. 21/2000-RB dated May 3, 2000;- 1. Short Title ....

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....a through normal banking channels by way of inward remittance from any place outside India or (ii) funds held in any non-resident account maintained in accordance with the provisions of the Act and the regulations made by the Reserve Bank. Provided further that no payment of purchase price for acquisition of immovable property shall be made either by travellers cheque or by foreign currency note....