Reg.1 Short title and commencement

       (i) These regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000.
       (ii) They shall come into force on 1st day of June, 2000.
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        1. Vide G.S.R. 407(E), dated 3rd May, 2000, published in the Gazette of India, Extra., Pt. II, Sec. 3 (i), dated 8th May, 2000.

Reg.2 Definitions

       In these regulations, unless the context otherwise requires,—
       (a) ‘Act’ means the Foreign Exchange Management Act, 1999 (42 of 1999);
       (b) ‘an authorised dealer’ means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act;
       (c) ‘a person of Indian origin’ means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan); who—
       (i) at any time, held Indian passport; or
       (ii) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);
       (d) ‘repatriation outside

Reg.3 Acquisition and Transfer of Property in India by an Indian Citizen resident outside India.--

       A person resident outside India who is a citizen of India may -
       3[(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 travellers cheque or by foreign currency notes or by other mode other than those specifically permitted by this clause.]
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Reg.4 Acquisition and Transfer of Property in India by a Person of Indian origin.--

       A person of Indian origin resident outside India may -
       4[(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.]
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Reg.5 Acquisition of immovable property for carrying on a permitted activity

       A person resident outside India who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business for carrying on in India any activity, excluding a liaison office, may—
       (a) acquire any immovable property in India, which is necessary for or incidental to carrying on such activity:
       Provided that—
       (i) all applicable laws, rules, regulations or directions for the time being in force are duly complied with; and
       (ii) the person files with the Reserve Bank a declaration in the Form IPI annexed to these regulation not later than ninety days from the date of such acquisition;
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Reg.5(a) 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.]
        
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        1. Ins. by G.S.R. 557 (E), dated 9th June, 2003 (w.e.f. 22-7-2003).
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Reg.6 Repatriation of sale proceeds

       (a) A person referred to in sub-section (5) of section 6 of the Act, or his successor shall not, except with the prior permission of the Reserve Bank, repatriate outside India the sale proceeds of any immovable property referred to in that sub-section;
       (b) In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a person resident outside India who is a citizen of India or a person of Indian origin, the authorised dealer may allow repatriation of the sale proceeds outside India, provided the following conditions are satisfied, namely:—
       (i) the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations;
       

Reg.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 or Bhutan without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years.

Reg.8 Prohibition on transfer of immovable property in India

       Save as otherwise provided in the Act or regulations, no person resident outside India shall transfer any immovable property in India:
       Provided that the Reserve Bank may, for sufficient reasons, permit the transfer, subject to such conditions as may be considered necessary.