Reserve
Bank of India
Exchange
Control Department
Central
Office
Mumbai – 400
001
Notification
No. FEMA/ 103 /2003-RB Dated
the 13th October 2003
Foreign
Exchange Management (Acquisition and transfer of
immovable
property outside India)(Amendment) Regulations, 2003
In
exercise of the powers conferred by clause (h) of sub-section(3) of Section 6
and Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and
in partial modification of its Notification No: FEMA.7/2000-RB dated May 3, 2000,
the Reserve Bank of India makes the following Regulations to amend the Foreign
Exchange Management (Acquisition and transfer of immovable property outside India)
Regulations, 2000, namely, 1.
Short title and commencement
(i) These Regulations may be called the Foreign Exchange Management (Acquisition
and transfer of immovable property outside India) (Amendment) Regulations, 2003.
(ii) These shall come into force from the date of their publication in the Official
Gazette. 2.
Amendment of the Regulations In
the Foreign Exchange Management (Acquisition and transfer of immovable property
outside India) Regulations, 2000, in Regulation 5, after Sub-Regulation (2) of
the following shall be added, namely;
'(3)
Reserve Bank may, on an application made to it, permit a company incorporated
in India having overseas offices, to acquire immovable property outside India
for its business and for residential purposes of its staff, subject to such terms
and conditions as may be considered necessary.'
(Usha
Thorat)
Executive
Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 29.10.2003 - G.S.R.No.848(E)
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