On 04-02-2015, the Reserve Bank of India (RBI) made the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015 to amend the existing Regulation 7 of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2000 and substitute it with the new provision in order to extend the prohibition on acquisition or transfer of immovable property in India to citizens of Macau or Hong Kong as well. The amended provision is as follows:
“7. Prohibition on acquisition or transfer of immovable property in
No person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal, Bhutan, Macau or Hong Kong without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five years.”
-Reserve Bank of India
