NTF. NO. FEMA 155/2007-RB, DT. 07/06/2007

FEM (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000

G.S.R. 456(E)-In exercise of the powers conferred by clause (h) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000 (Notification No. FEMA 7/2000-RB dated 3rd May 2000), as amended from time to time, namely :-

1. Short Title and Commencement :-

(i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) (Amendment) Regulations, 2007.

(ii) They shall be deemed to have come into force with effect from December 4, 2006.

2. Amendment of the Regulations :-

In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000 in Regulation 5, sub-regulation (3) shall be substituted, namely :-

“(3) A company incorporated in India having overseas offices, may acquire immovable property outside India for its business and for residential purposes of its staff, in accordance with the direction issued by the Reserve Bank of India from time to time.”

Sd/-

(SALIM GANGADHARAN)
Chief General Manager

Issued by:

Reserve Bank of India

Mumbai

[F No. 1/23/EM/2000-Vol. IV]

Footnote : It is clarified that no person will be adversely affected as a result of retrospective effect being given to these Regulations

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