The Reserve Bank of India (RBI) on June 6, 2022 has re-issued Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999.
The following has been stated namely: -
• Part I – Acquisition and Transfer of Immovable Property outside India by a
person resident in India – The regulations issued under Foreign Exchange Management Act, 1999, governing acquisition and transfer of immovable property outside India are notified under 4Notification No. FEMA 7(R)/2015-RB dated January 21, 2016, as amended from time to time.
• Part II – Acquisition and Transfer of Immovable Property in India – The FEMA 1999 empowers the Central Government to prescribe, in consultation with the RBI, rules pertaining to capital account transactions, not involving debt instruments. The Central Government has, accordingly, notified the 9Foreign Exchange Management (Non-debt Instruments) Rules, 2019, dated October 17, 2019, as amended from time to time, in supersession of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018. These Rules do not apply to acquisition or transfer of immovable property in India by a person resident outside India on a lease not exceeding five years.
[Notification No. RBI/FED/2015-16/7]
