Reserve Bank of India
Exchange Control Department
Central Office
Mumbai 400 001
Notification
No.FEMA. 93 /2003-RB
dated June 9, 2003
Foreign Exchange Management
(Acquisition and Transfer of Immovable Property in India)
(Amendment) Regulations, 2003
In exercise of the 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) and in partial
modification of its Notification No.FEMA 21/2000-RB dated May 3, 2000, the
Reserve Bank of India makes the following amendments in the Foreign Exchange
Management (Acquisition and Transfer of Immovable Property in India) Regulations
2000, namely :-
-
Short title and Commencement
:
-
These Regulations may
be called the Foreign Exchange Management (Acquisition and Transfer
of Immovable Property in India) (Amendment) Regulations, 2003.
-
They shall come into
force on the date of their publication in the Official Gazette.
-
Amendment of the Regulations
In the Foreign Exchange
Management (Acquisition and Transfer of Immovable Property in India) Regulations
2000, after Regulation 5, the following Regulation shall be inserted namely
:
'5A. Purchase / sale
of Immovable Property by Foreign
Embassies / Diplomats / Consulate Generals
A Foreign Embassy / Diplomat
/ Consulate General may purchase / sell immovable property in India other
than agricultural land / plantation property / farm house provided (i)
clearance from Government of India, Ministry of External Affairs is obtained
for such purchase / sale, and (ii) the consideration for acquisition of
immovable property in India is paid out of funds remitted from abroad
through banking channel'.
(K.J. Udeshi )
Executive Director
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Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 22.07.2003 - G.S.R.No.557(E)
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