Acquisition of immovable property outside India - Branches/trading offices overseas
A.P. (DIR Series) (2002-2003) Circular No. 71, Dated 13-1-2003, Issued by EXCHANGE CONTROL DEPARTMENT, RBI
In
terms of Regulation 3 of Notification No. FEMA 7/2000-RB dated May 3, 2000 no
person resident in India shall acquire or transfer any immovable property
outside India without general or special permission of Reserve Bank.
2. It has now
been decided to permit Indian corporates who have set up overseas offices to
acquire immovable property outside India for their business as also staff
residential purposes with the prior permission of Reserve Bank. Applications in
the form annexed may be submitted to the Chief General Manager, Reserve Bank of
India, Central Office, Exchange Control Department, Trade Division (Exports),
Amar Building, Mumbai through the authorised dealer.
3. Further
enquiries if any, in the matter may be sent to E-mail :
tradedivisionexport@rbi.org.in.
4. The above
relaxations, subject to review shall be effective for a period upto June 30,
2003.
5. Necessary
amendments to the Foreign Exchange Management Regulations, 2000 are being
issued separately.
6. Authorised
dealers may bring the contents of this circular to the notice of their
constituents concerned.
7.
The
directions contained in the circular have been issued under section 10(4) and
section 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999).
Annexure
Application
for acquisition of immovable property overseas - Branches/trading offices
|
1. |
Name and address of the company— |
|
|
|
(i) In
India |
: |
|
|
(ii)
Abroad |
: |
|
2. |
Date of
establishment of office abroad |
: |
|
3. |
Net worth
for the previous 3 years based on audited balance-sheet |
: |
|
4. |
Overdue
export outstandings, if any. |
: |
|
5. |
Details
of property proposed to be acquired |
: |
|
6. |
Purpose
for acquiring property |
: |
|
7. |
Amount of
funds to be remitted |
: |
|
8. |
Source of
funds |
: |
|
9. |
Whether
under investigation of Enforcement Directorate/Directorate of Revenue
Intelligence etc. |
: |
We
hereby certify that the particulars given above are true to the best of our
knowledge and belief. We undertake to strictly abide by the instructions issued
and the conditions that may be stipulated by Reserve Bank.
.......................................................................
(Signature of Authorised Official)
Place :
Date :
Name:
Designation:
To,
Chief General Manager
Exchange Control Department
Reserve Bank of India
Central Office,
Trade Divison (Exports),
Amar Building
Mumbai 400 001