Reserve Bank of India has made a clarification regarding purchasing an immovable property in India. RBI has made this clarification for non residents, who are established in India and need to purchase a property. There is a reporting system introduces by RBI, the buyer need to report the RBI, in maximum 90 days from the day of purchase. Full clarification is as under.
A.P. (DIR Series) Circular No. 79
dated February 15, 2012]
- The declaration should be completed in duplicate and submitted directly to the Chief General Manager, Foreign Exchange Department, (Foreign Investment Division), Reserve Bank of India , Central Office , Mumbai – 400001 within 90 days from the date of acquisition of the immovable property.
- This form is not to be submitted by a person resident outside India who is a citizen of India or a Person of Indian Origin (PIO) acquiring immovable property in India under General Permission in accordance with Regulations 3 and 4 of Notification No. FEMA 21/2000-RB dated May 3, 2000.
|Full name and address of the acquirer who has acquired the immovable property|
|Description of immovable property|
|Details of its exact location stating the name of the state, town and municipal/survey number, etc|
|Purpose for which the immovable property has been acquired|
|Number and date of Reserve Bank’s permission , if any|
|Date of acquisition of the immovable property|
|How the immovable property was acquired i.e. whether by way of purchase or lease|
|Name , citizenship and address of the seller/lessor|
|Amount of purchase price and sources of funds|
(Signature of Authorised official)