Master Circular No. 4/2014-15
July 1, 2014
All Category – I Authorised Dealer banks
Madam / Sir
Master Circular on Acquisition and Transfer of Immovable Property in India
by NRIs/PIOs/Foreign Nationals of Non-Indian Origin
Acquisition and transfer of immovable property in India by NRIs / PIOs / Foreign Nationals of Non-Indian Origin is regulated in terms of Sub-sections (3), (4) and (5) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 21/2000-RB dated May 3, 2000. The regulatory framework and instructions issued by the Reserve Bank in this regard have been compiled in this Master Circular. The list of underlying circulars/notifications is furnished in Appendix.
2. This Master Circular may be referred to for general guidance. The Authorised Dealer Category I banks and Authorised banks may refer to respective circulars / notifications for detailed information, if so needed.
3. This Master Circular is being updated from time to time as and when the fresh instructions are issued. The date up to which the Master Circular has been updated is suitably indicated.
4. This Master Circular may be referred to for general guidance. The Authorised Persons and the Authorised Dealer Category I banks may refer to respective circulars/ notifications for detailed information, if so needed.
(C D Srinivasan)
Chief General Manager