Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2009 - ആർബിഐ - Reserve Bank of India
Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2009
Notification No. FEMA 186 / 2009 - RB February 3, 2009 Foreign Exchange Management In exercise of the powers conferred by clause (1) of sub-section (3) of Section 6, and sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (Notification No. FEMA. 21/ 2000 -RB dated May 3, 2000), namely:- 2. Short title and commencement (a) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2009 3. Amendment of regulation 6 In the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 (Notification No. FEMA 21/2000-RB dated May 3, 2000 (hereinafter referred to as the 'principal regulations') in regulation 6, in clause (b) after sub clause (iii), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 11th July, 2008, namely,- 4. Amendment to regulation 8 In the principal regulations, in regulation 8, after the proviso, the following new proviso shall be inserted and shall be deemed to have been inserted with effect from the 11th day of July, 2008, namely, - "Provided further that a bank which is an authorised dealer may, subject to the directions issued by the Reserve Bank in this behalf, permit a person resident in India or on behalf of such person to create charge on his immovable property in India in favour an overseas lender or security trustee, to secure an external commercial borrowing availed under the provisions of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange ) Regulations, 2000 (Notification No. FEMA 3/2000-RB, dated 3-5-2000). " (Salim Gangadharan) Foot Note:
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