Notification No.FEMA.65/2002-03-RB, Dt. 29/06/2002

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

In exercise of powers conferred by clause (i) of sub-section (3) of section 6, 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 Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations 2000, namely :-

1. (i) These Regulations may be called the Foreign Exchange Management (Acquisition and transfer of immovable property in India) (Amendment) Regulations 2002

(ii) They shall come into force on their publication in the Official Gazette.

2. In the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulations 2000, the condition No. (ii) of clause (b) of Regulation 6 shall be deleted and the subsequent conditions (iii) and (iv) shall be renumbered as (ii) and (iii) respectively..

Sd/-
( K.J. Udeshi )
Executive Director

(Please refer A.P.(DIR Series) Cir. No. 101/2003-RB, Dt. 05/05/2003 - Repatriation of sale proceeds of immovable property in India acquired by NRIs /PIOs)

(Pl. refer A.P. (DIR Series) Circular No.35/2002-03-RB, Dt. 01/11/2002 for Lifting of lock-in period for repatriation of sale proceeds of immovable property situated in India)

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