Foreign Exchange Management Act
The Reserve Bank of India (RBI) apparently has plans underway to relax the restrictions under the Foreign Exchange Management Act (FEMA); in an apparent attempt to enable non-resident Indians (NRIs) to purchase property in India jointly with their spouse holding foreign passports. RBI executive director G Padmanabhan has called for a review of the existing rules [...] Continue Reading »
Non-resident Indians planning to buy property in India jointly with their spouses holding foreign passports could soon be allowed to do so. The Reserve Bank of India (RBI) is planning to relax the restrictions under the Foreign Exchange Management Act (FEMA), which make such acquisitions difficult. Currently if an NRI wants to buy a house or any [...] Continue Reading »
The matter of registration of immovable property purchased by foreign nationals seems to be under the radar of the finance ministry now. The Finance Ministry has advised the State Government authorities to be ‘extra vigilant’ on this matter. The State Government authorities need to satisfy themselves about the eligibility of foreign nationals under the Foreign [...] Continue Reading »
Citizens in the nation or outside the country, there is good news for everyone. Buying property in India (residential only) is possible, and one doesn’t need the Reserve Bank of India’s permission for the same. Sources from Foreign Exchange Management Act (FEMA) clearly states Indian citizens within the country or non-residents are now allowed to [...] Continue Reading »
The RBI pointed out that bank should make sure that all future transactions related to the sale and purchase of real estate as well as acquisition on lease or rental basis at the overseas centers are done as per the board approved policy. This directive has been issued after it came to the central bank’s [...] Continue Reading »
Real estate group Emaar MGF which is a joint venture between Dubai-based Emaar Properties and India’s MGF, may not get clean chit in the Enforcement Directorate probe on the alleged violation of Foreign Direct Investment (FDI) guidelines despite the proposed watering down of foreign investment rules by the Government. The company was slapped with a [...] Continue Reading »
