Thursday, March 15, 2012

CLARIFICATION REGARDING PURCHASE OF IMMOVABLE PROPERTY IN INDIA

As per the Reserve Bank of India (RBI) circular dated February 15, 2012, it is clarified that the
extant 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 Notification No. FEMA 21/ 2000-RB, ibid, acquire/s immovable property in
India in accordance with the said provisions of the aforesaid Notification. Form IPI has been,
accordingly, amended for greater clarity.

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