Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Second Amendment) Regulations, 2009

Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Second Amendment) Regulations, 2009

RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
CENTRAL OFFICE
MUMBAI

Notification No. FEMA  200 / 2009 - RB.

October 5, 2009

Foreign Exchange Management (Acquisition and Transfer of
Immovable Property in India) (Second Amendment) Regulations, 2009

In exercise of the powers conferred by clause (i) of sub-section (3) of Section 6, and sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendment  in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (Notification No. FEMA. 21/ 2000 -RB dated May 3, 2000), namely:-

2.  Short title and commencement

(i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Second Amendment) Regulations, 2009

(ii) They shall come into force from the date of their publication in the Official Gazette.

3.  Amendment of regulation 2  

In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (Notification No. FEMA 21/2000-RB dated May 3, 2000) in regulation 2, clause (c), sub clause (ii), shall be substituted by the following, namely,-

" (ii) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)."

(Salim Gangadharan)
Chief General Manager –in-Charge

Foot Note:

The Principal Regulations were published in the Official Gazette vide G.S.R No. 407 (E) dated May 8, 2000 in Part II, Section 3, Sub-Section (i) and subsequently amended vide:

i) G.S.R No 578 (E) dated 19-8-2002
ii) G.S.R No 557 (E) dated 22-7-2003
iii)  G.S.R No 130 (E) dated 3-3-2006
iv)  G.S.R No 299 (E) dated 1-5-2009