Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015 G.S.R. 95(E).-In exercise of the powers conferred by clause (h) of sub-section (3) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA 7/2000-RB dated May 3, 2000, as amended from time to time, the Re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....fer of immovable property outside India:- Save as otherwise provided in the Act or in these regulations, no person resident in India shall acquire or transfer any immovable property situated outside India without general or special permission of the Reserve Bank. 4. Exemptions:- Nothing contained in these regulations shall apply to the property - (a) held by a person resident in ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on resident outside India, provided there is no outflow of funds from India; (2) A person resident in India may acquire immovable property outside India, by way of inheritance or gift from a person resident in India who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition. (3) A company incorporated in India having overseas of....