RBI replaces rules for immovable property transfers

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The RBI has repealed the Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India), Regulations, 2000, and replaced them with the Foreign Exchange Management (Acquisition and Transfer of Immovable Property outside India) Regulations, 2015. Under the new regulations, acquisition or transfer of any immovable property outside India by a person resident India would require prior RBI approval except in the following cases:

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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.

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