RBI
Requires Declaration of Immovable Property Acquired in India by a Person
Resident Outside India Measure not to Apply NRI/PIO
[RBI
Circular No. 79 dated 15th February 2012]
Sub:
Clarification - Purchase of Immovable
Property in India – Reporting requirement
Attention
of Authorised Dealer Category-I banks is invited to Regulation 5 of
Notification No. FEMA 21/2000-RB viz. Foreign Exchange Management (Acquisition
and Transfer of Immovable Property in India), Regulations, 2000 dated May 3,
2000, as amended from time to time. In terms of the above Regulation, 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
in accordance with the provision of said regulation, the said person has to
file with the Reserve Bank a declaration in the form IPI annexed to those regulations,
not later than ninety days from the date of such acquisition. As the form is
required to be submitted by such persons only, the form is suitably amended to
reflect the position.
2. 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.
3. Authorised
Dealer Category-I banks may bring the contents of this circular to the notice
of their constituents and customers concerned.
4. The directions
contained in this circular have been issued under sections 10(4) and 11(1) of
the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without
prejudice to permissions / approvals, if any, required under any other law.
Annex
[Annex to A.P. (DIR Series) Circular No. 79 dated February 15, 2012]
Form IPI
(See
Regulation 5)
Declaration
of immovable property acquired in India by a person resident outside India who
has established in India a branch, office or other place of business, excluding
a liaison office
Instructions
1. The
declaration should be completed in duplicate and submitted directly to the
Chief General Manager, Foreign Exchange Department, (Foreign Investment
Division), Reserve Bank of India , Central Office , Mumbai – 400001 within 90
days from the date of acquisition of the immovable property.
2. This form is
not to be submitted by a person resident outside India who is a citizen of
India or a Person of Indian Origin (PIO) acquiring immovable property in
India under General Permission in accordance with Regulations 3 and 4 of
Notification No. FEMA 21/2000-RB dated May 3, 2000.
Documentation
Certified
copies of letter of approval from Reserve Bank obtained under section 6(6) of
FEMA, 1999 (42 of 1999).
|
1 |
|
Full
name and address of the acquirer who has acquired the immovable property |
|
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2
|
(a)
|
Description
of immovable property |
(a)
|
|
|
|
(b)
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Details
of its exact location stating the name of the state, town and municipal/survey
number, etc |
(b)
|
|
|
3
|
(a)
|
Purpose
for which the immovable property has been acquired |
(a)
|
|
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(b)
|
Number
and date of Reserve Bank’s permission , if any |
(b)
|
|
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4 |
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Date
of acquisition of the immovable property |
|
|
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5
|
(a)
|
How
the immovable property was acquired i.e. whether by way of purchase or lease |
(a)
|
|
|
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(b)
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Name
, citizenship and address of the seller/lessor |
(b)
|
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(c)
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Amount
of purchase price and sources of funds |
(c) |
|
I/
We hereby declare that-
(a) the particulars given above are true and correct to the best
of my/our knowledge and belief;
(b) no portion of the said property has been leased /rented to,
or is otherwise being allowed to be used by, any other party.
Encls:
----
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(Signature of Authorised official)
Stamp
Name:------------------------------
Designation:---------------------
Place: -------
Date:--------