RESERVE BANK OF INDIA — THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA 7(RY 2015-RB January 21, 2016 Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015 In exercise of the powers conferred by clause (h) 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 supersession of Notification No FEMA 7/2000-RB dated May 3.2000, as amended from time to time, the Reserve Bank hereby makes the following regulations relating to acquisition and transfer of immovable property outside India, namely 1. Short title and commencement: - 1) These regulations may be called the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015. ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions:- In these regulations, unless the context requires otherwise, 1) 'Act' means the Foreign Exchange Management Act; 1999 (42 of 1999); ii) The words and expressions used but not defined in these Regulations shall have the same meanings respectively assigned to them in the Act: 3. Restriction on acquisition or transfer of immovable property outside India: - Save as otherwise provided in the Act or in these regulations, no person resident in India shall acquire O transfer any immovable property situated outside India without general or special permission of the Reserve Bank 4. Exemptions:- Nothing contained in these regulations shall apply to the property held by a person resident in India who is a national of a foreign state; acquired by person resident in India on or before &th July 1947 and continued to be held by him with the permission of the