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FEMA Provisions

  • Section 6(3)-rbi to frame reg
  • To prohibit,restrict,regulate acqisition or transfer of imm.propy in india
  • Other than lease not exceeding 5 years.
  • Notification no fema 21 dt 3 may 2000.
  • Except under the act/reg acquisition or transfer of imm.prop in india by persons resident outside india (including indian citizens resident outside india) requires prior approval of rbi.
  • Imm.prop in india by persons resident outside india (including indian citizens resident outside india) requires prior approval of rbi.
  • Indian citizens residents outside india.
  • Persons of indian origin(pio).
  • Residents outside india carrying on permitted activity in indiA.
  • Foreign citizens of non-indian origin.
  • Acquisition of prop other than agri/plantation/farmhouse by nri/pio by way of purchase, gift, inheritancecourtsettlement etc (reg.3-fema21).
  • Purchase from resd out of funds recd thro inward remtt or nr acs,gift from nri/pio/resd or inheritance from a resd or bonafide nr holder (reg 4(a),(b)& c).
  • Transfer of imm.Prop (other than agri/plant/farm house) by nri to another nri or pio.
  • To a citizen of india residing in India.
  • Transfer by pio by way of sale to resident(other than agri/plant/farmhouse).
  • Transfer by pio by gift or sale to resd who is citizen of India.
  • Acquisition of imm.Prop(other than agri/plant/farmhouse) by persons outside india who are permitted to carry on business activity in india by rbi (branch /office of foreign companies).
  • To report to rbi in form ipi within 90 days of such acqisition.
  • Foreign citizens of non-indian originwho are treated as resident in india in t/o sec.2(v) of fema 1999 are permitted (other than agri/plant/farm house).
  • However citizens of pakistan, bangladesh, srilanka, afghanistan, china, iran, nepal or bhutan whether resd in india or not are prohibited.
  • All other purchase /sale /transfer of imm.prop requires approval from rbi/goi in some cases.
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