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) the Reserve Bank of India hereby makes the following amendments 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) :-
1.
Short Title and Commencement:
(i)
These Regulations may be called the Foreign Exchange Management (Acquisition and
Transfer of Immovable Property in India) (Amendment) Regulations, 2006.
(ii)
They shall come into force on the date of their publication in the Official Gazette.
2.
Amendment of Regulation 3 -
In
regulation 3 of the Foreign Exchange Management (Acquisition and Transfer of Immovable
Property in India ) Regulations, 2000 (hereinafter referred to as the principal
regulations), for clause (a), the following shall be substituted, namely :-
'(a)
acquire immovable property in India other than an agricultural property, plantation,
or a farm house:
Provided
that in case of acquisition of immovable property, payment of purchase price,
if any, shall be made out of (i) funds received in India through normal banking
channels by way of inward remittance from any place outside India or (ii) funds
held in any non-resident account maintained in accordance with the provisions
of the Act and the regulations made by the Reserve Bank.
Provided
further that no payment of purchase price for acquisition of immovable property
shall be made either by traveller's cheque or by foreign currency notes or by
other mode other than those specifically permitted by this clause'.
3.
Amendment of Regulation 4 –
In
regulation 4, for clause (a), the following shall be substituted, namely :-
(a)
acquire immovable property in India other than an agricultural property , plantation,
or a farm house :
Provided
that in case of acquisition of immovable property, payment of purchase price,
if any, shall be made out of (i) funds received in India through normal banking
channels by way of inward remittance from any place outside India or (ii) funds
held in any non – resident account maintained in accordance with the provisions
of the Act and the regulations made by the Reserve Bank.
Provided
further that no payment of purchase price for acquisition of immovable property
shall be made either by traveller's cheque or currency notes of any foreign country
or any mode other than those specifically permitted by this clause'.
(Vinay
Baijal )
Chief General Manager
Footnote:-
The
Pricipal Regulations were published in the Official Gazette vide No. G.S.R. 407(E)
dated May 8,2000 in Part II, Section 3, Sub-section (i) and subsequently amended
vide No. G.S.R.578(E) dated August 19, 2002 and 557(E) dated July 22, 2003.