MANU/RFEM/0013/2000

Department / Board :RBI-Exchange Control Department

Notification No :FEMA 21/2000

Date : 03.05.2000

Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000.

In exercise of the powers conferred by clause (i) of sub-section (3) of Section 6, subsection (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following regulations, namely: -

1. Short title and commencement :-

i) These Regulations may be called the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations, 2000.

ii) They shall come into force on 1st day of June 2000.

2. Definitions :-

In these Regulations, unless the context otherwise requires -

a) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999);

b) 'An authorised dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act;

c) 'a person of Indian origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan), who

(i) at any time, held Indian passport;

or

(ii) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);

d) 'repatriation outside India' means the buying or drawing of foreign exchange from an authorised dealer in India and remitting it outside India through normal banking channels or crediting it to an account denomina........