The Reserve Bank of India ("RBI") has, by issuing the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2015 ("Transfer of Immovable Property Regulations 2015") through a notification dated January 21, 2016, superseded the Foreign Exchange Management (Acquisition and transfer of immovable property outside India) Regulations, 2000. The Transfer of Immovable Property Regulations 2015 are to come into effect from date of its publication in the official gazette and relates inter alia, to acquisition and transfer of immovable property outside India by an Indian resident.
The Transfer of Immovable Property Regulations 2015 now allows an Indian resident to acquire immovable property outside India jointly with a relative not residing in India, provided that there is no outflow of funds from India. For the purposes of the Transfer of Immovable Property Regulations 2015, a relative would mean husband, wife, brother, sister or any lineal ascendants or descendants of the person.
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