Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India)(Amendment) Regulations, 2009

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....RVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 3rd February, 2009 Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India)(Amendment) Regulations, 2009 G.S.R. 299(E). - In exercise of the powers conferred by clause (1) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Ac....

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.... clause (b) after sub-clause (iii), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 11th July, 2008, namely:- "(c) In the event of failure in repayment of external commercial borrowing availed by a person resident in India under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Noti....

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....ve Bank in this behalf permit a person resident in India or on behalf of such person to create charge on his immovable property in India in favour an overseas lender or security trustee, to secure an external commercial borrowing availed under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No. FEMA 3/2000-RB, dated 3-5-2....