ACQUISITION OF IMMOVABLE PROPERTY by persons resident outside India

1. ACQUISITION OF IMMOVABLE PROPERTY by persons resident outside India Ashit Hegde

2. NRIs and PIOs can purchase immovable property (excepting agr. land) without any restrictions. • A person resident outside India and who has established a branch or office for carrying on permitted activity may acquire immovable property necessary for such business. Declaration in Form IPI has to be filed with RBI within 90 days from the date of purchase. Ashit Hegde

3. Foreign Nationals of Non Indian Origin resident outside India cannot acquire immovable property in India. They can take the property on lease for max 5 years without RBI permission. • Citizens of Pakistan, Bangladesh, Afghanistan, Iran, Sri Lanka, China, Nepal or Bhutan cannot acquire immovable property without RBI permission Ashit Hegde

4. Prior Approval - Corporates incorporated outside India have to obtain prior approval of RBI (in form FNC) for establishing a branch or liaison office. Reporting - 1. Reporting to be done within 5 days of BO/LO becoming functional to the Director General of Police of the State concerned. 2. Annual activity certificates certified by CAs as on 31st March before 30th Sept every year along with balance sheet etc with a copy to Director General of Income Tax (International Taxation), New Delhi. Ashit Hegde