NTF. NO. FEMA 103/2003-RB, DT. 13/10/2003

Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) (Amendment) Regulations, 2003

G.S.R. 848(E).- In exercise of powers conferred by clause (h) of Sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in partial Modification of its Notification No. FEMA 7/2000-RB dated 3rd May 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2000, 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, 2003.

(ii) These shall come into effect on their publication in the Official Gazette.

2. Amendment to the Regulations

In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulation, 2000 in Regulations 5, after Sub-Regulation (2) the following shall be added, namely:-

"(3) Reserve Bank may, on an application made to it, permit a company incorporated in India having overseas offices, to acquire immovable property outside India for its business and for residential purpose of its staff, subject to such terms and conditions as may be considered necessary."

Sd/-
(Usha Thorat),
Executive Director

[F. No. 1/23/EC/2000-Vol.II]

Foot Note: The Principal regulations were published in the Official Gazette vide G.S.R. No. 390 (E) dated May 5, 2000 in Part II, Section 3, Sub-section (i).

(Above Foot Note has been added vide Corrigendum G.S.R. 794(E)-RB, DT. 27/11/2004)

(Pl. refer CIR. NO. 65/2003-04-RB, DT. 05/02/2004 - Foreign Exchange Management Act, 1999-Amendments to Foreign Exchange Management Regulations )

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