Citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China etc cannot acquire or transfer immovable property in India Without RBI Permission

NOTIFICATION NO. 335/2015-RB

Mum­bai, the 4th Feb­ru­ary, 2015

For­eign Exchange Man­age­ment (Acqui­si­tion and Trans­fer of Immov­able Prop­er­ty in India) (Amend­ment) Reg­u­la­tions, 2015

G.S.R. 120(E).-In exer­cise of the pow­ers con­ferred by clause (i) 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 here­by makes the fol­low­ing amend­ment in the For­eign Exchange Man­age­ment (Acqui­si­tion and Trans­fer of Immov­able Prop­er­ty in India) Reg­u­la­tions, 2000 (Noti­fi­ca­tion No. FEMA. 21/ 2000-RB dat­ed May 3, 2000), namely:-

2. Short title and commencement

(i) These Reg­u­la­tions may be called the For­eign Exchange Man­age­ment (Acqui­si­tion and Trans­fer of Immov­able Prop­er­ty in India) (Amend­ment) Reg­u­la­tions, 2015.

(ii) They shall come into force from the date of their pub­li­ca­tion in the Offi­cial Gazette.

3. Amend­ment of the regulations

In the For­eign Exchange Man­age­ment (Acqui­si­tion and Trans­fer of Immov­able Prop­er­ty in India) Reg­u­la­tions, 2000 (Noti­fi­ca­tion No. FEMA 21/2000-RB dat­ed May 3, 2000), the exist­ing reg­u­la­tion 7 shall be sub­sti­tut­ed by the fol­low­ing namely:

“7. Pro­hi­bi­tion on acqui­si­tion or trans­fer of immov­able prop­er­ty in India by cit­i­zens of cer­tain countries

No per­son being a cit­i­zen of Pak­istan, Bangladesh, Sri Lan­ka, Afghanistan, Chi­na, Iran, Nepal, Bhutan, Macau or Hong Kong with­out pri­or per­mis­sion of the Reserve Bank shall acquire or trans­fer immov­able prop­er­ty in India, oth­er than lease, not exceed­ing five years.”

C. D. SRINIVASAN, Chief Gen­er­al Manager

Foot Note : The Prin­ci­pal Reg­u­la­tions were pub­lished in the Offi­cial Gazette vide G.S.R. No. 407 (E) dat­ed May 8, 2000 in Part II, Sec­tion 3, sub-Sec­tion (i) and sub­se­quent­ly amend­ed as under:-

G.S.R. No. 578 (E), dat­ed 19.08.2002

G.S.R. No. 557 (E), dat­ed 22.07.2003

G.S.R. No. 130 (E), dat­ed 03.03.2006

G.S.R. No. 299 (E), dat­ed 01.05.2009

G.S.R. No. 813 (E), dat­ed 12.11.2009

G.S.R. No. 733 (E), dat­ed 17.10.2014