Non-resident Indian-investment in immovable properties provisions under FEMA

Non-resident Indian-investment in immovable properties provisions under FEMA
Posted on 28 Jan 2000
Any person may sell or draw foreign exchange to or from an authorised person for a capital account transaction. Here it is pertinent to know the term capital Account transactions. The Reserve Bank may, in consultation with The Central Government, specify any class or classes of transactions to be of capital account and which are permissible. Further the Reserve Bank of India may also specify the limit upto which foreign exchange shall be admissible for such transactions.
Sub-Clause (1) of clause 6 provide that subject to certain conditions and limitations any person may sell or draw foreign exchange to or from any authorised person for capital account transaction.
A person resident outside India may hold, transfer or invest in Indian Currency, security or property was acquired, held or owned by such person when he was resident in India or inherited from a person who was resident in India or inherited from a person who was resident in India or inherited from a person who was resident in India.