Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) - Amendment of the definition



Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition

RBI/2009-10/ 286

A.P. (DIR Series) Circular No.25

January 13, 2010

To

All Authorised Dealers in Foreign Exchange

Madam / Sir,

Purchase of Immovable Property in India by

Persons of Indian Origin (PIOs) – Amendment of the definition

Attention of Authorised Dealer Category-I banks is invited to clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000, as amended from time to time, in terms of which 'a Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who (i) at any time, held an Indian Passport or (ii) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).

2. Government of India, has notified vide G.S.R.813 (E) in the Gazette of India dated November 12, 2009 [Notification No.FEMA.200/2009-RB dated October 5, 2009] an amendment to clause (c) of Regulation 2 of the Notification referred to above.  Accordingly, 'a Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who (i) at any time, held an Indian Passport or (ii) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).  A copy of the Notification is annexed.

3. Authorised Dealer Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

4. The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.    

Yours faithfully,

(Salim Gangadharan )

Chief General Manager in Charge


RESERVE BANK OF INDIA

(FOREIGN EXCHANGE DEPARTMENT)

CENTRAL OFFICE

MUMBAI

Notification No. FEMA  200 / 2009 - RB.

October 5, 2009

Foreign Exchange Management (Acquisition and Transfer of

Immovable Property in India) (Second Amendment) Regulations, 2009

In exercise of the powers conferred by clause (i) 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 amendment  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



(i) These Regulations may be called the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Second Amendment) Regulations, 2009



(ii) They shall come into force from the date of their publication in the Official Gazette.



3.  Amendment of regulation 2  



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) in regulation 2, clause (c), sub clause (ii), shall be substituted by the following, namely,-



" (ii) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)."

                       

(Salim Gangadharan)

Chief General Manager –in-Charge


Foot Note:



The Principal Regulations were published in the Official Gazette vide G.S.R No. 407 (E) dated May 8, 2000 in Part II, Section 3, Sub-Section (i) and subsequently amended vide:



i) G.S.R No 578 (E) dated 19-8-2002

ii) G.S.R No 557 (E) dated 22-7-2003

iii)  G.S.R No 130 (E) dated 3-3-2006

iv)  G.S.R No 299 (E) dated 1-5-2009

Published in the Official Gazette of Government

of India – Extraordinary – Part-II, Section 3,

Sub-Section (i) dated 12.11.2009 - G.S.R.No.813(E)

 

 




News posted by

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments :


More »

Popular News





CCI Pro



Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
Featured ARTICLESHIP 31 October 2026
CA Articleship

apricus india

Navi Mumbai

CA Inter

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
28 October 2026
Assistant Director/ Associate Director-Finance & Accounting

Krea University

Chennai

CA

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details