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........