RBI Circular – February 15, 2012:
We draw your attention to the RBI Circular RBI/2011/12/399 A.P. (DIR Series) Circular No. 79 dated February 15, 2012.
This circular is applicable to:
- all the authorized dealers in Foreign Exchange,
- all the persons resident outside India who has established a branch, office or other place of business in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000.
The liaison office is excluded.
Purpose of this Circular:
This circular has been brought in to bring in greater clarity when an immovable property has been acquired by a person who is a citizen of India or a Person of Indian Origin.
Crux of the Circular:
As per this circular when the above said persons acquire any immovable property in India in accordance with the provisions of the said regulation, then the said person has to file a declaration in the specified format (Form IPI annexed to the RBI circular RBI/2011/12/399 A.P. (DIR Series) Circular No. 79 dated February 15, 2012 ) to the RBI within 90 days from the date of such acquisition.