FEMA

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 February 2011 "A Indian company (hereinafter referred to as company) being a FDI invested company of 33.33%. Now the company wants to purchase a land somewhere in India for their own substation. Being a FDI promoted company, is there any need to go for FIPB approval towards purchasing such land. What does FEMA regulations and FDI policy says about this "

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

26 March 2011 There is no requirement for the same.

Sudhag

Sudhag (Expert)
Follow

01 August 2011 Dear Sir,
A company incorporated in India [having the FDI]is a resident as per FEMA. There is no prohibition under FEMA that a company has to take any approval for purchasing land for its own business purposes. Kindly note purchasing land for own purpose is different from having a business of real estate or dealing in land. As per FDI policy only investment in real estate business is prohibited for foreign Investment.
However,
(1) a liaison office cannot purchase land
(2) a branch office of a foreign company is required to intimate to RBI in form IPI not later than ninety days from the date of such acquisition
Hope above clarifies your query. Please be free to write for further clarification on same.
Regards,
CA. Sudha G. Bhushan
Sudhag999@gmail.com

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Manish Tiwari

rajkumar yadav

THUSHAR MURALI KRISHNA

Abhishek Kabra

ASHOK KUMAR TEKURU

Subscribe Now

FEMA

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA