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April 2015

A. P. (DIR Series) Circular No. 83 dated March 11, 2015

By Gaurang Gandhi Chartered Accountant

Reading Time 1 mins

Notification No. FEMA.335/2015-RB dated February 4, 2015

Acquisition/transfer of immovable property – Prohibition on citizens of certain countries

Presently, citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan are not permitted acquire or transfer immovable property in India, other than lease not exceeding five years, without the prior permission of RBI.

This circular has expanded the list by including therein, from February 25, 2015, citizens of Hong Kong & Macau since they are Special Administrative Regions of China.

Hence, now citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Hong Kong or Macau are not permitted acquire or transfer immovable property in India, other than lease not exceeding five years, without the prior permission of RBI.

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