11E.4
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
General permission for Acquisition of Property for Carrying on Activities permitted by Reserve Bank
By its Notification No.FERA 133/93-RB dated 26th April 1993, Reserve Bank has granted general permission to companies, (other than banking companies), which are not incorporated under any law in force in India, to acquire or hold any immovable property which is necessary for or incidental to any activity permitted by Reserve Bank under Section 28 or Section 29 of FERA 1973. Companies which acquire or hold any immovable property in India in terms of the general permission are required to submit to Reserve Bank a declaration in form IPI 5 not later than 90 days from the date of acquisition of the immovable property.
NOTE:
The above general permission does not apply to foreign companies which have been permitted under Section 29 of the Act to open liaison offices or to post representatives in India.