Answer the following questions as per Overseas Direct Investment: When can a person resident in India may acquire immovable property situated outside India ?

(i) Rule 21 (2) of FEM (Overseas Investment) Rules, 2022 provides that notwithstanding anything contained in sub-rule (1) a person resident in India may acquire immovable property outside India by way of inheritance or gift or purchase from a person resident in India who has acquired such property as per the foreign exchange provisions in force at the time of such acquisition. (ii) A person resident in India may acquire immovable property outside India from a person resident outside India- by way of inheritance; by way of purchase out of foreign exchange held in RFC account; by way of purchase out of the remittances sent under the Liberalised Remittance Scheme instituted by the Reserve Bank. Provided that such remittances under the Liberalised Remittance Scheme may be consolidated in respect of relatives if such relatives, being persons resident in India, comply with the terms and conditions of the Scheme; jointly with a relative who is a person resident outside India; out of the income or sale proceeds of the assets, other than ODI, acquired overseas under the provisions of the Act. (iii) an Indian entity having an overseas office may acquire immovable property outside India for the business and residential purposes of its staff, as per the directions issued by the Reserve Bank from time to time;