Executive Summary:
This document outlines the Foreign Exchange Management Acquisition and Transfer of Immovable Property in India Regulations, 2018, issued by the Reserve Bank of India. It defines rules for acquisition and transfer of immovable property in India by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and other foreign entities, effective from the date of its publication in the Official Gazette (March 26th, 2018). It also specifies conditions for repatriation of sale proceeds and prohibitions for citizens of certain countries.
Key Points / Main Content:
* **General Provisions:**
* These regulations supersede Notification No. FEMA 21/2000-RB dated May 3, 2000.
* **Acquisition and Transfer by NRIs and OCIs:**
* NRIs and OCIs may acquire immovable property in India, except agricultural land, farm houses, and plantation property, through inward remittances or funds in non-resident accounts.
* Payment for property transfers cannot be made via traveler's checks or foreign currency notes, but must be made through permitted banking channels.
* Property can be acquired as a gift from a resident Indian, an NRI, or an OCI who is a relative as defined in the Companies Act, 2013.
* Property can be acquired via inheritance from a person resident outside India, provided the original acquisition complied with existing foreign exchange laws.
* NRIs and OCIs can transfer property to a resident Indian.
* NRIs and OCIs can transfer property other than agricultural land, farm houses and plantation property to another NRI or OCI.
* **Acquisition for Permitted Activities:**
* Foreign entities with a branch or project office in India (excluding liaison offices) can acquire property necessary for their business activities, provided they comply with applicable laws and file Form IPI with the Reserve Bank within 90 days of acquisition.
* Mortgages to authorized dealers are permitted as security for borrowings.
* Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Hong Kong, Macau, Nepal, Bhutan, and Democratic People’s Republic of Korea (DPRK) require prior Reserve Bank approval to acquire property, except for leases not exceeding five years.
* **Foreign Embassies/Diplomats/Consulate Generals:**
* May purchase/sell property (excluding agricultural land, plantation property and farm houses) with Government of India (Ministry of External Affairs) clearance and through funds remitted from abroad via banking channels.
* **Joint Acquisition by Spouse:**
* Spouses of NRIs/OCIs (who are not NRIs/OCIs themselves) can jointly acquire one property (excluding agricultural land, farm houses and plantation property) with their NRI/OCI spouse, with funds from inward remittances or non-resident accounts, provided the marriage has been registered and subsisted for at least two years.
* **Long-Term Visa (LTV) Holders:**
* Citizens of Afghanistan, Bangladesh, or Pakistan from minority communities (Hindus, Sikhs, Buddhists, Jains, Parsis, Christians) residing in India with a Long Term Visa (LTV) may purchase one residential property and one property for self-employment, subject to specific conditions, including restrictions on location, declaration of funds, and reporting to authorities.
* **Repatriation of Sale Proceeds:**
* Repatriation of sale proceeds from property sales by NRIs/OCIs is allowed if the property was acquired in accordance with existing foreign exchange laws and the acquisition amount was paid through banking channels or from specified non-resident accounts.
* Repatriation of sale proceeds from residential property is restricted to a maximum of two properties.
* Authorized dealers may allow overseas lenders or security trustees to sell immovable property secured against external commercial borrowings (ECB) to recover outstanding dues.
* **Prohibitions and Restrictions:**
* Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong, Macau, and DPRK require prior Reserve Bank permission for property transactions, excluding leases under five years. This prohibition does not apply to OCIs.
* No person resident outside India shall transfer any immovable property in India unless otherwise provided in the Act or Regulations.
* **Miscellaneous:**
* All property transactions must occur through banking channels in India and are subject to applicable taxes and duties.
* **Saving Clause:**
* Existing property holdings acquired per previous policies do not need modifications to align with these regulations.
Impact Analysis:
* **NRIs and OCIs:**
* *Impact:* Regulates their ability to acquire, transfer, and inherit property in India; defines acceptable funding sources for property acquisition and conditions for repatriation of sale proceeds.
* *Action Required:* Ensure compliance with regulations when acquiring or transferring property, including using appropriate funding channels and providing necessary documentation.
* **Authorized Dealers/Banks:**
* *Impact:* Responsible for facilitating property transactions, allowing repatriation of sale proceeds under specified conditions, and permitting mortgages to overseas lenders.
* *Action Required:* Adhere to the regulations when processing property-related transactions for NRIs/OCIs and foreign entities.
* **Foreign Companies with Branches/Offices in India:**
* *Impact:* Governs their ability to acquire property for business purposes and requires filing Form IPI.
* *Action Required:* Comply with regulations for property acquisition and ensure timely filing of Form IPI with the Reserve Bank.
* **Citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong, Macau and DPRK:**
* *Impact:* Restricts their ability to acquire property in India without prior approval from the Reserve Bank, except for leases under five years.
* *Action Required:* Seek prior approval from the Reserve Bank for any property acquisition or transfer (excluding leases under five years) in India.
* **Long Term Visa (LTV) Holders:**
* *Impact:* Defines the conditions under which they can acquire residential property and property for self-employment in India.
* *Action Required:* Adhere to all conditions when purchasing property, including location restrictions, declaration of funds, and reporting to relevant authorities.
Key Entities Referenced
Citizenship Act, 1955: An Indian Act related to citizenship.
Foreign Exchange Management Act, 1999: An Indian Act governing foreign exchange transactions and regulations.
Foreign Exchange Management Acquisition and Transfer of Immovable Property in India Regulations, 2018: Regulations issued by the Reserve Bank of India pertaining to the acquisition and transfer of immovable property in India.
Reserve Bank of India: The central bank of India, responsible for regulating the country's monetary policy and foreign exchange management.
Non-Resident Indian: A citizen of India who is residing outside India.
Overseas Citizen of India: A person registered as an Overseas Citizen of India Cardholder.
Foreign Exchange Management Borrowing or Lending in Foreign Exchange Regulations, 2000: Regulations pertaining to borrowing or lending in foreign exchange.
Foreign Exchange Management Establishment in India of a branch office or a liaison office or a project office or any other place of business Regulations, 2016: Regulations pertaining to establishment of foreign branch office or liaison office in India.
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PART II—Section 3—Sub-section (i)
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No. 180] NEW DELHI, MONDAY, MARCH 26, 2018/CHAITRA 5, 1940
भभभभााााररररततततीीीीयययय (cid:8)(cid:8)(cid:8)(cid:8)ररररज़ज़ज़ज़वववव (cid:11)(cid:11) (cid:11)(cid:11)बबबबकककक(cid:13)(cid:13)(cid:13)(cid:13)
((((ििििववववददददशशेेशशेे ीीीी मममम(cid:21)(cid:21)ुु(cid:21)(cid:21)ुु ाााा ििििववववभभभभाााागगगग ))))
(क(cid:2)(cid:3)ीय कायाल(cid:8) य)
अअअअििििधधधधससससचचूूचचूू ननननाााा
मुंबई, 26 माच,(cid:8) 2018
सससस..ंं..ंं फफफफेेेेममममाााा 22221111((((आआआआरररर))))////2222000011118888----आआआआररररबबबबीीीी
ििििववववददददशशेेशशेे ीीीी मममम(cid:21)(cid:21)ुु(cid:21)(cid:21)ुु ाााा (cid:23)(cid:23)(cid:23)(cid:23)बबबबधधंंधधंं ((((भभभभााााररररतततत मममम (cid:26)(cid:26) (cid:26)(cid:26)अअअअचचचचलललल ससससपपपपंंंं िििि ककककाााा अअअअििििधधधध!!!!हहहहणणणण औऔऔऔरररर अअअअततंंततंं ररररणणणण)))) ििििववववििििननननययययममममााााववववललललीीीी,,,, 2222000011118888
ससससाााा....ककककाााा....ििििनननन.... 222288880000((((अअअअ))))....————िवदशे ी मु(cid:3)ा (cid:18)बंध अिधिनयम,1999 (1999 का 42) क(cid:24) धारा 6 क(cid:24) उप-धारा (3) के खंड
(i), धारा 47 क(cid:24) उप-धारा (2) (cid:31)ारा (cid:18)द शि!य" का (cid:18)योग करते &ए तथा समय-समय पर यथासंशोिधत 3 मई, 2000 क(cid:24)
अिधसूचना स.ं फेमा. 21/2000-आरबी को अिध+िमत करते &ए भारतीय -रज़व(cid:8) बक/ िन0िलिखत िविनयम िन2म(cid:8)त करता ह,ै
अथा(cid:8)त:-
1111.... ससससििंंििंं%%%%&&&& ननननाााामममम औऔऔऔरररर (cid:23)(cid:23)(cid:23)(cid:23)ााााररररंंंंभभभभ::::----
i) ये िविनयम िवदशे ी म(cid:3)ु ा (cid:18)बधं (भारत म (cid:2)अचल संपि का अिध3हण और अतं रण) िविनयमावली, 2018 कहलाएंगे।
ii) वे सरकारी राजप8 म(cid:2) उनके (cid:18)काशन क(cid:24) तारीख स ेलाग ूह"गे।
2222.... पपपप(cid:8)(cid:8)(cid:8)(cid:8)ररररभभभभााााषषषषााााएएएएँँ ँँ ::::----
इन िविनयम" म,(cid:2) जब तक <क संदभ(cid:8) स ेअ=यथा अपिे >त न हो -
(ए) ‘अिधिनयम’ का ता?पय(cid:8) िवदशे ी मु(cid:3)ा (cid:18)बंध अिधिनयम, 1999 (1999 का 42) से ह;ै
1797 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(बी) "(cid:18)ािधकृत Aापारी" का ता?पय(cid:8) उ! अिधिनयम क(cid:24) धारा 10 क(cid:24) उप-धारा (1) के अंतग(cid:8)त (cid:18)ािधकृत Aापारी के Cप
म (cid:2)(cid:18)ािधकृत <कये गए Aि! स ेह;ै
(सी) ‘अिनवासी भारतीय (NRI)’ का ता?पय (cid:8)भारत स ेबाहर के िनवासी उस Aि! से ह,ै जो भारत का नाग-रक ह;ै
(डी) ‘भारत के ओवरसीज नाग-रक (OCI)’ का ता?पय (cid:8)भारत से बाहर के िनवासी उस Aि! से ह,ै जो नाग-रकता
अिधिनयम, 1955 क(cid:24) धारा 7 (ए) के अतं ग(cid:8)त भारत के ओवरसीज़ नाग-रक (OCI)’ के Cप म (cid:2)काड-(cid:8) धारक ह;ै
(ई) "भारत से बाहर (cid:18)?यावतन(cid:8) " का ता?पय (cid:8) भारत म(cid:2) (cid:18)ािधकृत Aापारी से िवदशे ी म(cid:3)ु ा क(cid:24) खरीद अथवा आहरण एव ं
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प-रव2तत(cid:8) <कया जा सकता ह;ै
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अथ (cid:8)ह"गे जो अिधिनयम म(cid:2) <दए गए ह।/
3333.... अअअअििििननननववववााााससससीीीी भभभभााााररररततततीीीीयययय अअअअथथथथववववाााा भभभभााााररररतततत ककककेेेे ओओओओववववररेेररेे ससससीीीीज़ज़ज़ज़ ननननाााागगगग(cid:8)(cid:8)(cid:8)(cid:8)ररररकककक ////ाााारररराााा भभभभााााररररतततत मममम (cid:26)(cid:26) (cid:26)(cid:26)ससससपपंंपपंं िििि ककककाााा अअअअििििधधधध!!!!हहहहणणणण औऔऔऔरररर अअअअततंंततंं ररररणणणण::::----
कोई अिनवासी भारतीय (NRI) अथवा कोई भारत का समु(cid:3)पारीय नाग-रक (OCI)
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जाएगा।
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(डी) भारत म (cid:2)कोई अचल संपि भारत म (cid:2)िनवासी <कसी Aि! को अंत-रत कर सकता ह।ै
(ई) भारत म (cid:2)कृिष-भूिम/ फाम (cid:8)हाउस/ Wल/टेशन संपि स ेिभX कोई अचल संपि <कसी अिनवासी भारतीय (NRI) अथवा
भारत के <कसी ओवरसीज़ नाग-रक (OCI) को अंत-रत कर सकता ह ै।
4444.... अअअअननननममममुुुु तततत गगगगििििततततििििववववििििधधधध((((यययय3333)))) ककककेेेे ििििललललएएएए अअअअचचचचलललल ससससपपंंपपंं िििि ककककाााा अअअअििििधधधध!!!!हहहहणणणण::::----
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हते ु –
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बशतZ <क
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90 (नRबे) <दन" के भीतर फाइल करे।
(बी) खंड (ए) के अनसु रण म (cid:2) अिध3हीत अचल संपि को <कसी (cid:18)कार का उधार (कज़(cid:8)) लने े हते ु <कसी (cid:18)ािधकृत Aापारी
को जमानत के तौर पर िगरवी के Cप म (cid:2)अंत-रत कर सकता ह;ै
बशत Z यह <क पा<क[तान अथवा बाhं लादशे अथवा iीलकं ा अथवा अफगिन[तान अथवा चीन अथवा ईरान अथवा
हाँगकाँग अथवा मकाऊ अथवा नेपाल अथवा भूटान अथवा डमे ो+े-टक पीपNस -रपिRलक ऑफ को-रया (DPRK) के
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अचल सपं ि अिध3िहत नहS कर(cid:2) ।
5555.... ििििववववददददशशशशेेेे ीीीी ददददततततूूूू ााााववववाााासससस3333 //// ररररााााजजजजननननििििययययकककक3333 //// ककककाााासससंंसंं ललुुललुु टटेेटटेे जजजजननननररररलललल ////ाााारररराााा अअअअचचचचलललल ससससपपंंपपंं िििि कककक8888 खखखखररररीीीीदददद //// ििििबबबब::::8888::::----
कोई िवदशे ी दतू ावास / राजनियक / कासं ुलेट जनरल कृिष भिू म / Wलट/ ेशन संपि / फाम (cid:8) हाउस स े िभX <कसी अचल संपि
क(cid:24) खरीद / िब+(cid:24) कर सकता ह,ै बशतZ (i) भारत सरकार, िवदशे मं8ालय से उसक(cid:24) खरीद/ िब+(cid:24) क(cid:24) अनमु ित ली गई हो,
और (ii) भारत म (cid:2) अचल सपं ि के अिध3हण के िलए (cid:18)ितफल रािश का भुगतान िवदशे से बK/ कंग चैनल के ज-रये िव(cid:18)िे षत
िनिधय" स े<कया जाए।
6666.... <<<<ककककससससीीीी अअअअििििननननववववााााससससीीीी भभभभााााररररततततीीीीयययय ((((NNNNRRRRIIII)))) अअअअथथथथववववाााा भभभभााााररररतततत ककककेेेे ओओओओववववररररससससीीीीज़ज़ज़ज़ ननननाााागगगग(cid:8)(cid:8)(cid:8)(cid:8)ररररकककक ((((OOOOCCCCIIII)))) कककक8888 पपपप====ीीीी//// पपपपिििितततत ////ाााारररराााा ससससययंंययंं >>>>ुुुु अअअअििििधधधध!!!!हहहहणणणण::::----
भारत से बाहर का िनवासी कोई Aि!, जो अिनवासी भारतीय (NRI) अथवा भारत का ओवरसीज़ नाग-रक (OCI) नहS
है, <क=तु जो अिनवासी भारतीय (NRI) अथवा भारत के ओवरसीज़ नाग-रक (OCI) क(cid:24) पmी/ पित ह,ै वह (कृिष भिू म /
फाम(cid:8) हाउस/ Wल/टेशन संपि स े िभX) अपन े अिनवासी भारतीय, भारत के ओवरसीज़ नाग-रक (OCI) पित / पmी के साथ
संयु! Cप से एक अचल संपि अिध3हीत कर सकता/ सकती ह।ै
बशतZ <क
(i) अचल संपि के अंतरण, य<द कोई हो, के िलए (cid:18)ितफल का भुगतान (i) भारत स े बाहर के <कसी [थान स े बK/ कंग
चैनल" के ज-रए आवक िव(cid:18)ेषण स े भारत म(cid:2) (cid:18)ा\ िनिधय" स े अथवा (ii) उ! अिधिनयम और -रज़व(cid:8) बक/ (cid:31)ारा िन2म(cid:8)त
िविनयम" के उपबंध" के अनुसार रख ेगए <कसी अिनवासी खात े म(cid:2) रखे िनिधय" स े<कया जाएगा।
(ii) बशतZ यह <क अचल संपि के अंतरण संबंधी भुगतान या8ी चेक अथवा िवदशे ी कर(cid:2)सी नोट" से अथवा इस खंड म (cid:2)
अनमु त िविन]द^(cid:8) Cप स ेिभX <कसी अ=य तरीके से नहS <कया जा सकेगा।
(iii) बशत Z <क िववाह पंजीकृत हो और इस (cid:18)कार क(cid:24) संपि के अिध3हण के तरु ंत पहले, ऐसा िववाह दो वष (cid:8) स े अ=यून
अविध तक िनरंतर Cप स ेकायम रहा हो ।
(iv) बशतZ यह भी <क अिनवासी पित / पmी को <कसी अ=य (cid:18)कार से ऐस ेअिध3हण स े(cid:18)ितबिं धत न <कया गया हो।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
7777.... ददददीीीीघघघघकककक(cid:11)(cid:11)(cid:11)(cid:11) ााााििििललललकककक ववववीीीीजजजजाााा----धधधधााााररररकककक ////ाााारररराााा अअअअििििधधधध!!!!हहहहणणणण::::----
अफगािन[तान, बांhलादशे अथवा पा<क[तान का कोई नाग-रक, जो इन दशे " म(cid:2) अNपसंnयक समुदाय से संबि=धत हो, जैस:े
िह=द,ू िसख, बौo, जैन, पारसी और ईसाई समुदाय से संबि=धत हो और भारत म(cid:2) रह रहा हो और क(cid:2)(cid:3) सरकार (cid:31)ारा उस े
दीघ-(cid:8) कािलक वीजा (LTV) (cid:18)दान <कया गया हो, वह िन0िलिखत शतp के अधीन भारत म(cid:2) [वयं रहने के िलए केवल एक
आवासीय अचल सपं ि तथा [व-रोजगार चलान ेके िलए केवल एक अचल संपि क(cid:24) खरीद कर सकता ह:ै
(ए) यह संपि क(cid:2)(cid:3) सरकार (cid:31)ारा अिधसूिचत ऐसे (cid:18)ितबिं धत/संरि>त >े8" और क/टॉ=म(cid:2)ट >8े " के आस-पास ि[थत न
हो,
(बी) संबंिधत Aि! उस िजले जहां यह प-रसंपि ि[थत ह,ै के राज[व (cid:18)ािधकारी को एक घोषणा (cid:18)[तुत कर(cid:2) िजसम (cid:2)
िनिधय" का qोत तथा वह भारत म(cid:2) LTV पर रह रहा ह ैका उNलेख हो,
(सी) प-रसंपि के पंजीकृत द[तावेज़ म(cid:2) राrीयता का उNलेख हो तथा यह भी उNलेख हो <क वह LTV पर ह,ै
(डी) भारत िवCo गितिविधय" म(cid:2) शािमल होन ेपर ऐस ेAि! क(cid:24) प-रसंपि कुक(cid:8)/ जRत क(cid:24) जाएगी,
(ई) खरीदी गई सपं ि के द[तावेज" क(cid:24) (cid:18)ितिलिपया ं पिु लस उप-अधी>क (DCP) / िवदशे ी नाग-रक पंजीकरण
कायाल(cid:8) य (FRO) / संबि=धत िवदेशी नाग-रक >े8ीय पंजीकरण कायाल(cid:8) य (FRRO) तथा गृह मं8ालय (िवदशे ी
नाग-रक अनभु ाग) म (cid:2)(cid:18)[तुत करनी होगी ।
(एफ़) ऐसा Aि! संपि बेचने के िलए तभी पा8 होगा जब वह भारत क(cid:24) नाग-रकता (cid:18)ा\ कर(cid:2)। तथािप, भारतीय
नाग-रकता (cid:18)ा\ करने के पूव(cid:8) सपं ि के अतं रण हते ु पिु लस उप-अधी>क (DCP) / िवदशे ी नाग-रक पंजीकरण कायाल(cid:8) य
(FRO) / संबि=धत िवदेशी नाग-रक >े8ीय पंजीकरण कायाल(cid:8) य (FRRO) क(cid:24) पूव(cid:8) अनमु ित लने ा आव_यक ह।ै
8888.... ििििबबबब::::8888गगगगतततत आआआआगगगगमममम ररररााााििििशशशश ककककाााा (cid:23)(cid:23)(cid:23)(cid:23)BBBBययययााााववववततततनन(cid:11)(cid:11)नन(cid:11)(cid:11) ::::----
(ए) अिधिनयम क(cid:24) धारा 6 क(cid:24) उप-धारा (5) म(cid:2) संद2भ(cid:8)त कोई Aि! अथवा उसका उ रािधकारी -रज़व(cid:8) बक/ क(cid:24) सामा=य
अथवा िविश^ अनमु ित के िबना इस उप-खंड म(cid:2) संद2भ(cid:8)त अचल संपि क(cid:24) िब+(cid:24)गत आगम रािश को भारत स े बाहर
िव(cid:18)ेिषत नहS कर सकेगा।
(बी) <कसी अिनवासी भारतीय (NRI) अथवा भारत के ओवरसीज़ नाग-रक (OCI) (cid:31)ारा कृिष भिू म / फाम (cid:8) हाउस/ Wल/टेशन
संपि स े िभX भारत म(cid:2) ि[थत <कसी अचल संपि क(cid:24) िब+(cid:24) के मामले म(cid:2) िब+(cid:24)गत आगम रािश के भारत स े बाहर
(cid:18)?यावत(cid:8)न क(cid:24) अनुमित (cid:18)ािधकृत Aापारी िन0िलिखत शतp के अधीन द ेसकते ह:/
(i) िव+ेता (cid:31)ारा अचल सपं ि के अिध3हण के समय लागू िवदेशी मु(cid:3)ा (cid:18)बंध संबंधी उपबंध" अथवा इन िविनयम"
के उपबधं " के अनसु ार अिध3हीत क(cid:24) गई हो;
(ii) अचल सपं ि के अिध3हण क(cid:24) रािश का भुगतान ब/Kकंग चैनल के ज-रए (cid:18)ा\ िवदेशी मु(cid:3)ा अथवा FCNR
खाते अथवा NRE खाते म(cid:2) जमा िनिधय" स े<कया गया हो;
(iii) आवासीय संपि के मामल ेम,(cid:2) िब+(cid:24)गत आय का (cid:18)?यावतन(cid:8) केवल ऐसी दो सtपि य" तक ही सीिमत होगा।
(सी) भारत म (cid:2) िनवासी <कसी Aि! (cid:31)ारा समय-समय पर यथा संशोिधत िवदशे ी म(cid:3)ु ा (cid:18)बधं (िवदशे ी मु(cid:3)ा म (cid:2) उधार लेना
अथवा उधार दने ा) िविनयमावली, 2000 के अंतग(cid:8)त िलए गए बाu वािणिvयक उधार के भगु तान म(cid:2) असफल होने के¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 5
मामल ेम (cid:2) (cid:18)ािधकृत Aापारी ब/क सम(cid:3)ु पारीय उधारदाता को अथवा (cid:18)ितभिू त =यासी (Security trustee) को (िजसके
प> म (cid:2) बाu वािणिvयक उधार लने े हते ु जमानत के तौर पर अचल संपि पर (cid:18)भार सिृ जत <कया गया हो) भारत म (cid:2)
िनवासी <कसी Aि! को ऐसी अचल संपि क(cid:24) िब+(cid:24) के िलए अनमु ित (cid:18)दान सकता ह ै और उ! ऋण के बकाया के
भुगतान के िलए ही िब+(cid:24)गत आगम रािश के (cid:18)?यावत(cid:8)न क(cid:24) अनमु ित दे सकता ह ै<क=तु <कसी अ=य ऋण के िलए नहS।
9999.... ककककििििततततपपपपयययय ददददशशेेशशेे 3333 ककककेेेे ननननाााागगगग(cid:8)(cid:8)(cid:8)(cid:8)ररररकककक3333 ////ाााारररराााा भभभभााााररररतततत मममम (cid:26)(cid:26) (cid:26)(cid:26)अअअअचचचचलललल ससससपपंंपपंं िििि ककककेेेे अअअअििििधधधध!!!!हहहहणणणण अअअअथथथथववववाााा अअअअततततंंंं ररररणणणण पपपपरररर ररररोोोोकककक:-
पा<क[तान, बांhलादेश, iीलकं ा, अफगिन[तान, चीन, ईरान, नेपाल, भूटान, हाँगकाँग अथवा मकाऊ अथवा डमे ो+े-टक
पीपNस -रपिRलक ऑफ को-रया (DPRK) के नाग-रक होन े के कारण ऐसा कोई Aि!, 5 साल से अनिधक अविध के िलए
लीज़ पर लेने के िसवाय, भारतीय -रज़व(cid:8) बक/ क(cid:24) पूवा(cid:8)नमु ित के िबना भारत म(cid:2) कोई अचल सपं ि अिध3हीत अथवा अंत-रत
नहS कर सकेगा।
बशतZ यह रोक <कसी भारत के ओवरसीज़ नाग-रक (OCI) पर लागू नहS होगी।
[प^ीकरण : इस िविनयम के (cid:18)योजन के िलए “नाग-रक” शRद म (cid:2)[वाभािवक Aि! और िविधक ए-ंटटी शािमल ह"गी।
11110000. भभभभााााररररतततत मममम (cid:26)(cid:26)(cid:26)(cid:26)अअअअचचचचलललल ससससपपपपंंंं िििि ककककेेेे अअअअततंंततंं ररररणणणण पपपपरररर ररररोोोोकककक::::----
उ! अिधिनयम अथवा िविनयमावली म (cid:2) उपबिं धत के िसवाय, भारत से बाहर का िनवासी कोई Aि! भारत म (cid:2) <कसी अचल
संपि का अंतरण नहS कर सकेगा :-
बशतZ
(i) पया(cid:8)\ कारण" के होने पर -रज़व(cid:8) ब/क, यथाव_यक शतp के साथ, अंतरण क(cid:24) अनमु ित द ेसकता ह।ै
(ii) कोई बक/ , जो <क (cid:18)ािधकृत Aापारी ब/क ह,ै इस संबधं म (cid:2) -रज़व(cid:8) ब/क (cid:31)ारा <दए गए िनदशZ " के तहत, समय-समय पर
यथासंशोिधत िवदशे ी मु(cid:3)ा (cid:18)बधं (िवदशे ी मु(cid:3)ा म (cid:2)उधार दने ा अथवा उधार लने ा) िविनयमावली, 2000 के उपबंध" के
तहत बाu वािणिvयक उधार लेन े के िलए भारत म (cid:2) िनवासी <कसी Aि! को अथवा ऐस े Aि! क(cid:24) ओर स ेभारत म (cid:2)
ऐसे Aि! क(cid:24) अचल संपि पर समु(cid:3)पारीय उधारदाता अथवा (cid:18)ितभिू त x[टी के प> म (cid:2) (cid:18)भार सृिजत करने क(cid:24)
अनमु ित द ेसकता ह।ै
(iii) भारत का (cid:18)ािधकृत Aापारी, जो समु(cid:3)पारीय उधारदाता का कोरे[प"ड(cid:2)ट ह,ै वह -रज़व(cid:8) बक/ (cid:31)ारा इस संबंध म (cid:2) जारी
िनदशZ " के तहत अिनवासी भारतीय अथवा भारत का ओवरसीज़ नाग-रक (OCI), जो भारत के बाहर ि[थत <कसी
कंपनी का िनदेशक ह,ै उस कंपनी को ऋण दने े हते ु उस िनदशे क क(cid:24) भारत म(cid:2) [वािम?व वाली अचल संपि को िगरवी
रख सकता ह।ै
बशतy
(ए) उधारकता(cid:8) कंपनी (cid:31)ारा ली गयी िनिधय" का (cid:18)योग मलू कारोबारी उzे_य" के िलए ही हो।
(बी) (cid:18)भार लागू <कए जाने के <कसी मामले म(cid:2) भारतीय बक/ , <कसी पा8 अिध3ाहक को ऐसी अचल संपि क(cid:24)
िब+(cid:24) करके िब+(cid:24) से (cid:18)ा\ रािश समु(cid:3)पारीय उधारदाता को िव(cid:18)ेिषत कर सकता ह।ै
(iv) भारत से बाहर का िनवासी कोई Aि! िजसने अचल सपं ि अिध3िहत करने के समय लागू िवदशे ी मु(cid:3)ा संबंधी
कानून" अथवा -रज़व(cid:8) ब/क क(cid:24) समा=य अथवा िविश^ अनमु ित के तहत भारत म(cid:2) कोई अचल संपि अिध3िहत क(cid:24) ह,ै
वह भारत म(cid:2) िनवासी <कसी Aि! को ऐसी संपि अंत-रत कर सकता ह ैबशतZ लेन-दने समा=य ब/Kकंग चैनल स े<कए
जाए ंएवं बशत Zयह <क ऐसे Aि! को इस (cid:18)कार के अिध3हण से अ=यथा Cप म (cid:2)(cid:18)ितबंिधत न <कया गया हो।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
11111111.... ििििववववििििववववधधधध::::----
इन िविनयम" के अंतग(cid:8)त अचल संपि के अज(cid:8)न अथवा अंतरण से संबि=धत लेनदने :-
(ए) भारत म (cid:2)ब/Kकंग चनै ल के ज-रए <कए जाएगं े ।
(बी) वे भारत म(cid:2) लागू कर" तथा अ=य {ूटी/ लेवी आ<द के भुगतान के अधीन ह"गे।
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ऐसे अिध3हण के समय मौजूदा नीित के अनसु ार भारत स ेबाहर के िनवासी <कसी Aि! (cid:31)ारा भारत म(cid:2) धारण क(cid:24) गई मौजूदा
अचल सपं ि के िलए इन िविनयम" के अनCु प सशं ोधन करन ेक(cid:24) आव_यकता नहS होगी।
[फा. स.ं 1/41/ईएम/2014]
(cid:1)योित कुमार पांड,े मु(cid:8)य महा(cid:11)बंधक
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 26th March, 2018
No. FEMA.21(R)/2018-RB
Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India)
Regulations, 2018
G.S.R. 280(E).—In exercise of the powers conferred by clause (i) of sub-section (3) of Section 6, sub-
section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of
Notification No. FEMA 21/ 2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank of
India makes the following regulations, namely: -
1. Short title and commencement:-
i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of
Immovable Property in India) Regulations, 2018.
ii) They shall come into force from the date of their publication in the Official Gazette.
2. Definitions:-
In these Regulations, unless the context otherwise requires -
(a) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999);
(b) An ‘Authorised Dealer' means a person authorised as an authorised dealer under sub- section (1) of section
10 of the Act;¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 7
(c) ‘Non-Resident Indian (NRI)’ means a person resident outside India who is a citizen of India;
(d) ‘Overseas Citizen of India (OCI)’ means a person resident outside India who is registered as an Overseas
Citizen of India Cardholder under Section 7(A) of the Citizenship Act, 1955;
(e) 'Repatriation outside India' means the buying or drawing of foreign exchange from an authorised dealer in
India and remitting it outside India through banking channels or crediting it to an account denominated in
foreign currency or to an account in Indian currency maintained with an authorised dealer from which it can
be converted in foreign currency;
(f) The words and expressions used but not defined in these Regulations shall have the same meanings
respectively assigned to them in the Act.
3. Acquisition and Transfer of Property in India by a Non-Resident Indian or an Overseas Citizen of
India:-
An NRI or an OCI may
(a) acquire immovable property in India other than agricultural land/ farm house/ plantation property:
Provided that the consideration, if any, for transfer, shall be made out of (i) funds received in India through
banking channels by way of inward remittance from any place outside India or (ii) funds held in any non-
resident account maintained in accordance with the provisions of the Act, rules or regulations framed
thereunder.
Provided further that no payment for any transfer of immovable property shall be made either by traveler’s
cheque or by foreign currency notes or by any other mode other than those specifically permitted under this
clause.
(b) acquire any immovable property in India other than agricultural land/ farm house/ plantation property by
way of gift from a person resident in India or from an NRI or from an OCI, who in any case is a relative as
defined in section 2(77) of the Companies Act, 2013;
(c) acquire any immovable property in India by way of inheritance from a person resident outside India who
had acquired such property (a) in accordance with the provisions of the foreign exchange law in force at the
time of acquisition by him or the provisions of these Regulations or (b) from a person resident in India;
(d) transfer any immovable property in India to a person resident in India;
(e) transfer any immovable property other than agricultural land/ farm house/ plantation property to an NRI or
an OCI.
4. Acquisition of Immovable Property for carrying on a permitted activity:-
A person resident outside India who has established in India in accordance with the Foreign Exchange
Management (Establishment in India of a branch office or a liaison office or a project office or any other place
of business) Regulations, 2016, as amended from time to time, a branch, office or other place of business for
carrying on in India any activity, excluding a liaison office, may -
(a) acquire any immovable property in India, which is necessary for or incidental to carrying on such
activity;
Provided that8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
(i) all applicable laws, rules, regulations or directions for the time being in force are duly
complied with; and
(ii) the person files with the Reserve Bank a declaration in the form IPI as prescribed by
Reserve Bank from time to time, not later than ninety days from the date of such acquisition.
(b) transfer by way of mortgage to an authorised dealer as a security for any borrowing, the
immovable property acquired in pursuance of clause (a).
Provided no person of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Hong
Kong or Macau or Nepal or Bhutan or Democratic People’s Republic of Korea (DPRK) shall acquire
immovable property, other than on lease not exceeding five years, without prior approval of the
Reserve Bank.
5. Purchase/ sale of Immovable Property by Foreign Embassies/ Diplomats/ Consulate Generals:-
A Foreign Embassy/ Diplomat/ Consulate General may purchase/ sell immovable property in India other than
agricultural land/ plantation property/ farm house provided (i) clearance from Government of India, Ministry
of External Affairs is obtained for such purchase/ sale, and (ii) the consideration for acquisition of immovable
property in India is paid out of funds remitted from abroad through banking channels.
6. Joint acquisition by the spouse of an NRI or an OCI:-
A person resident outside India, not being a Non-Resident Indian or an Overseas Citizen of India, who is a
spouse of a Non-Resident Indian or an Overseas Citizen of India may acquire one immovable property (other
than agricultural land/ farm house/ plantation property), jointly with his/ her NRI/ OCI spouse.
Provided that
(i) The consideration for transfer, shall be made out of (i) funds received in India through
banking channels by way of inward remittance from any place outside India or (ii) funds held
in any non-resident account maintained in accordance with the provisions of the Act and the
regulations made by the Reserve Bank;
(ii) No payment for any transfer of immovable property shall be made either by traveler’s cheque
or by foreign currency notes or by any other mode other than those specifically permitted
under this clause;
(iii) Provided that the marriage has been registered and subsisted for a continuous period of not
less than two years immediately preceding the acquisition of such property;
(iv) Provided further that the non-resident spouse is not otherwise prohibited from such
acquisition.
7. Acquisition by a Long-Term Visa holder:-
A person being a citizen of Afghanistan, Bangladesh or Pakistan belonging to minority communities in those
countries, namely, Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who is residing in India and has been
granted a Long Term Visa (LTV) by the Central Government may purchase only one residential immovable
property in India as dwelling unit for self-occupation and only one immovable property for carrying out self-
employment subject to the following conditions:
(a) the property should not be located in and around restricted/ protected areas so notified by the
Central Government and cantonment areas;
(b) the person submits a declaration to the Revenue Authority of the district where the property is
located, specifying the source of funds and that he/ she is residing in India on LTV;¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 9
(c) the registration documents of the property should mention the nationality and the fact that such
person is on LTV;
(d) the property of such person may be attached/ confiscated in the event of his/ her indulgence in
anti-India activities;
(e) a copy of the documents of the purchased property shall be submitted to the Deputy Commissioner
of Police (DCP)/ Foreigners Registration Office (FRO)/ Foreigners Regional Registration Office
(FRRO) concerned and to the Ministry of Home Affairs (Foreigners Division);
(f) such person shall be eligible to sell the property only after acquiring Indian citizenship. However,
transfer of the property before acquiring Indian citizenship shall require prior approval of
DCP/FRO/FRRO concerned.
8. Repatriation of sale proceeds:-
(a) A person referred to in sub-section (5) of Section 6 of the Act, or his successor shall not, except with the
general or specific permission of the Reserve Bank, repatriate outside India the sale proceeds of any
immovable property referred to in that sub-section;
(b) In the event of sale of immovable property other than agricultural land/ farm house/ plantation property in
India by an NRI or an OCI, the authorised dealer may allow repatriation of the sale proceeds outside India,
provided the following conditions are satisfied, namely:
(i) the immovable property was acquired by the seller in accordance with the provisions of the foreign
exchange law in force at the time of his acquisition or the provisions of these Regulations;
(ii) the amount for acquisition of the immovable property was paid in foreign exchange received
through banking channels or out of funds held in Foreign Currency Non-Resident Account or out of
funds held in Non-Resident External account;
(iii) in the case of residential property, the repatriation of sale proceeds is restricted to not more than
two such properties.
(c) In the event of failure in repayment of external commercial borrowing availed by a person resident in
India under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign
Exchange) Regulations, 2000, as amended from time to time, a bank which is an authorised dealer may
permit the overseas lender or the security trustee (in whose favour the charge on immovable property has
been created to secure the ECB) to sell the immovable property on which the said loan has been secured
only to a (by the) person resident in India and to repatriate the sale proceeds towards outstanding dues in
respect of the said loan and not any other loan.
9. Prohibition on acquisition or transfer of immovable property in India by citizens of certain
countries:-
No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong
Kong or Macau or Democratic People’s Republic of Korea (DPRK) without prior permission of the Reserve
Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years.
Provided this prohibition shall not apply to an OCI.
Explanation: For the purpose of this regulation the term “citizen” shall include natural persons and legal
entities.10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
10. Prohibition on transfer of immovable property in India:-
Save as otherwise provided in the Act or Regulations, no person resident outside India shall transfer any
immovable property in India:-
Provided that
(i) The Reserve Bank may, for sufficient reasons, permit the transfer, subject to such conditions as may
be considered necessary.
(ii) A bank which is an authorised dealer may, subject to the directions issued by the Reserve Bank in this
behalf, permit a person resident in India or on behalf of such person to create charge on his
immovable property in India in favour an overseas lender or security trustee, to secure an external
commercial borrowing availed under the provisions of the Foreign Exchange Management
(Borrowing or Lending in Foreign Exchange) Regulations, 2000, as amended from time to time.
(iii) An Authorized Dealer in India being the Indian correspondent of an overseas lender may, subject to
the directions issued by the Reserve Bank in this regard, create a mortgage on an immovable property
in India owned by an NRI or an OCI, being a director of a company outside India, for a loan to be
availed by the company from the said overseas lender.
Provided
(a) the funds shall be used by the borrowing company only for its core business purposes overseas;
(b) in case of invocation of charge, the Indian bank shall sell the immovable property to an eligible
acquirer and remit the sale proceeds to the overseas lender.
(iv) A person resident outside India who has acquired any immovable property in India in accordance with
foreign exchange laws in force at the time of such acquisition or with the general or specific
permission of the Reserve Bank may transfer such property to a person resident in India provided the
transaction takes place through banking channels in India and provided that the resident is not
otherwise prohibited from such acquisition.
11. Miscallaneous:-
Any transaction involving acquisition or transfer of immovable property under these regulations shall be
undertaken:
(a) through banking channels in India;
(b) subject to payment of applicable taxes and other duties/ levies in India.
12. Saving:-
Any existing holding of immovable property in India by a person resident outside India made in accordance
with the policy in existence at the time of such acquisition would not require any modifications to confirm to
these regulations.
[F.No. 1/41/EM/2014]
JYOTI KUMAR PANDEY, Chief General Manager
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.