RBI’s A.P. (DIR Series) Circular No. 79 dated February 15, 2012, wherein it has been clarified that, in terms of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000 (“Property Regulations”), declaration in the form IPI is only to be filed when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business, excluding a liaison office, acquires any immovable property in India.
The Property Regulations do not prescribe any reporting requirements for transactions where a person resident outside India who is a citizen of India or a Person of Indian Origin (PIO) as defined in Regulation 2(c) of the Property Regulations acquire/s immovable property in India in accordance with the said provisions of the Property Regulations. Form IPI has been, accordingly, amended for greater clarity.
No comments:
Post a Comment