The Reserve bank of India (RBI) on September 01, 2022 has re-issued Master Direction on Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999.
The following has been stated namely: -
• The acquisition or transfer of immovable property outside India by a person resident in India shall be governed by the provisions contained under Rule 21 of the Foreign Exchange Management (Overseas Investment) Rules, 2022 dated August 22, 2022 and paragraph 25 of the Foreign Exchange Management (Overseas Investment) Directions, 2022 dated August 22, 2022.
• Since this Master Direction has been significantly amended, it has been replaced rather than showing the changes in track mode for reader convenience. The changes are listed as footnotes.
Please refer to the notification for the full Master Direction with colour-coded amendments.
[Notification No. RBI/FED/2015-16/7]
