RBI/2013-14/4
Master Circular No. 4/2013-14
July 1, 2013
To,
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 is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2014 and be replaced by an updated Master Circular on the subject.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager-in-Char
Click here for the Master Circular
