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Acquisition and Transfer of IP under FEMA
Under FEMA, which authority regulates the acquisition and transfer of immovable property in India by persons resident outside India?
The Reserve Bank of India (RBI) regulates such transactions under FEMA 1999, with the central government also having powers in certain cases.
Under FEMA, which Schedule regulates acquisition of immovable property in India by persons resident outside India?
Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018.
Can a Non-Resident Indian (NRI) acquire immovable property in India without prior RBI approval?
Yes, an NRI can acquire immovable property in India by way of purchase without prior RBI approval, except for agricultural land, plantation property, or farmhouse.
Can a PIO (Person of Indian Origin) purchase agricultural land in India under FEMA?
No, PIOs cannot purchase agricultural land, plantation property, or farmhouse in India.
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