Explain the Provisions of FEMA regarding acquiring property outside India.
Answers
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Acquisition and transfer of immovable property outside India by a person residing in India is regulated according to the terms of section 6 of the Foreign Exchange Management Act, 1999. In exercise of its powers under Foreign Exchange Management Act, 1999, the Reserve Bank of India (RBI) has framed the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015, that governs the acquisition and transfer of immovable property outside India.
Within the contours of Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015, the RBI also issues directions to authorised persons under Foreign Exchange Management Act, 1999, s 11. These directions lay down the modalities as to how the foreign exchange business has to be conducted by the authorised persons with their customers or constituents with a view to implementing Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015. The RBI has compiled the instructions issued on the acquisition of immovable property in Master Direction—Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999, FED Master Direction No. 12/2015-16 (RBI/FED/2015-16/7) dated 1 January, 2016.
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