Acquisition and Transfer of IP under FEMA
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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.
What types of immovable property are prohibited from being purchased by NRIs in India without special permission?
NRIs cannot purchase agricultural land, plantation property, or farmhouse in India without prior approval from the RBI or the central government.
What is the maximum number of residential properties an NRI can repatriate sale proceeds from under FEMA?
NRI can repatriate sale proceeds from maximum two residential properties.
Can a Person of Indian Origin (PIO) acquire immovable property in India by way of gift?
Yes, a PIO can acquire immovable property in India by way of gift from a person resident in India, another NRI, or another PIO, except agricultural land, plantation, or farmhouse.
Can a foreign national of non-Indian origin acquire agricultural land in India even with RBI approval?
No, foreign nationals of non-Indian origin cannot acquire agricultural land even with RBI approval.
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