Alex, a foreign diplomat desires to buy immovable property in India. Is he permitted to do so? Give reasons in brief.
CS Executive · Economic and Commercial Laws · PYQS · December 2015
Alex, a foreign diplomat desires to buy immovable property in India. Is he permitted to do so? Give reasons in brief.
Answer & Explanation:
Yes, Alex is permitted to do so. In terms of Regulation 5A of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000, Foreign Embassy/Diplomat/Consulate General, may purchase/sell immovable property (other than agricultural land/plantation property/farm house) in India provided: Clearance from the Government of India, Ministry of External Affairs is obtained for such purchase/sale, and The consideration for acquisition of immovable property in India is paid out of funds remitted from abroad through the normal banking channels.
Topics: Foreign Exchange Management Act, 1999
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