IPI2
- Document type
- Other
- Dated
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- Documents & Forms
pplication for permission under Section 31(1) of Foreign Exchange Regulation Act, 1973 to transfer or dispose of immovable property in India
IPI 2
(Paragraph 11 E.3)
Application for permission underSection 31(1) of
Foreign Exchange Regulation Act, 1973 to transfer
or dispose of immovable property in India
Instructions:
| 1. | The application should be completed in duplicate and submitted directly to the Chief General Manager, Exchange Control Department, [Foreign Investment Division (iii)], Reserve Bank of India, Central Office, Mumbai - 400 023. |
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| 2. | A separate form should be used for each immovable property. |
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| 3. | If the applicant has not obtained the Reserve Bank of Indias permission/licence to acquire/hold the property proposed to be transferred/disposed of (c.f.item No. 6), he/she should seperately submit an application in form IPI 1/declaration in form IPI 6, together with the necesssary particulars/documents, as the case may be, for obtaining such permission. |
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Documentation:
Please submit the following documents asapplicable :
| 4. | If the application is signed by a holder of power of attorney on behalf of the applicant, a copy of the valid Power of Attorney duly certified by a competent Authority. |
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| 5. | An undertaking regarding non-repatriation of sale proceeds, income of/from the property as per the form appended to the application. |
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| 6. | Documents on the basis of mode of disposal/transfer : | ||||
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| Mode of disposal/transfer |
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| Documents | |
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| (a) | Sale/lease | (i) |
| An authenticated copy of agreement for Sale/lease or draft of sale/lease deed. |
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| (ii) |
| A detailed valuation report, in original, From a Govt. approved valuer (registered with the Govt. of India under Wealth Tax Act, Estate Duty Act, etc.) indicating the fair market value of/fair lease premium and monthly lease rent receivable for the immovable property as on a date nearer to the date of agreement for its sale/lease. |
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| (b) | Settlement |
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| An authenticated copy of the proposed settlement deed. |
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| (c) | Mortgage |
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| An authenticated copy of the draft of proposed mortgage deed. |
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| (d) | Gift |
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| An authenticated copy of the draft gift deed. |
| 1. | Full name and address of the applicant |
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| 2. | If the applicant is an individual, please state : |
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| (a) | Nationality of the applicant | (a) |
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| (b) | Nationality of the applicants father/grandfather | (b) |
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| 3. | If the applicant is a foreign citiz residing in India, please state : |
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| (a) | Country of birth | (a) |
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| (b) | Date of birth | (b) |
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| (c) | Since when staying in India and probable duration of further stay in India | (c) |
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| (d) | Purpose of stay in India | (d) |
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| (e) | If the applicant has settled down in India permanently, he/she should state : | (e) |
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| (i) | Whether he/she has declared to the Reserve Bank all his/her foreign currency assets held abroad and remitted to India all foreign currency balances held abroad by him/her |
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| (ii) | Whether he/she has converted his/her non-resident accounts maintained with bank/s in India into resident account/s(Documentary evidence in support of the applicants statement in this regard should be enclosed) |
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| (f) | Particulars of the Reserve Banks approval, if any, for practising any profession or carrying on any occupation, trade or business | (f) |
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| (g) | Whether enjoying any recurring remittance facilities; if so, details thereof | (g) |
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| 4. | If the applicant is a company, please state : |
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| (a) | Place where the company is incorporated | (a) |
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| (b) | Percentage of non-resident interest in the company | (b) |
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| (c) | Particulars of Reserve Banks approval, if any, for undertaking business activities in India | (c) |
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| 5. | (a) | Description of immovable property to be disposed of/transferred (i.e. whether agricultural land or commercial or residential property) | (a) |
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| (b) | Details of its exact area and location, stating the name of the State, town and municipal/survey number, etc. | (b) |
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| 6. | (a) | Whether the property in question was declared to the Reserve Bank in the past; if so, state : |
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| (i) | Date of the declaration |
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| (ii) | Particulars of the Reserve Banks holding licence,if any |
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| (b) | Date on which the immovable property was acquired by the applicant | (b) |
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| (c) | If the property was acquired with the prior approval of Reserve Bank, state number and date thereof | (c) |
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| 7. | The reason for transferring or disposing of the property |
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| 8. | How the property is to be transferred/ disposed of i.e. whether by way of sale, lease, settlement, mortgage, gift, etc. |
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| 9. | If the property is to be sold, please state : |
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| (a) | Name, nationality and present and permanent address of the purchaser | (a) |
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| (b) | If the purchaser is a proprietary/ | (b) |
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| (c) | If the purchaser is a company give details of its shareholding as under: | (c) |
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| Equity | Preference | ||||||||||
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| No. of shares | Face value | % | No. of shares | Face value | % | ||||||
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| Non-resident |
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| Resident |
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| Total |
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| (d) | Amount of sale price | (d) |
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| (e) | How the sale proceeds will be disposed of | (e) |
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| 10. | If the property is to be leased/subleased for a period exceeding five years,please state : |
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| (a) | Name and address of the lessee | (a) |
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| (b) | Period of lease/sub-lease and amount of lease premium to be received | (b) |
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| (c) | Monthly/Annual rent receivable | (c) |
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| (d) | How the amount of lease premium and rental income will be disposed of | (d) |
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| 11. | If the property is to be transferred by way of settlement, please state : |
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| (a) | Name,nationality and place of present and permanent residence of the beneficiary | (a) |
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| (b) | Relationship with the beneficiary | (b) |
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| 12. | If the property is to be mortgaged,please state : |
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| (a) | Name, nationality & place of present and permanent residence of the mortgagee |
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| (b) | Amount of loan or advance to be obtained against the mortgage and how the amount will be disposed of | (b) |
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| (c) | Purpose of obtaining the loan/ advance | (c) |
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| 13. |
| If the property is to be gifted, please state : |
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| (a) | Name,nationality & place of present and permanent residence of the beneficiary | (a) |
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| (b) | Relationship with the beneficiary |
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| I/We hereby declare that the particulars given above are true and correct to the best of |
| my/our knowledge and belief. | |
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| Encls. : |
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| (Signature of Applicant/Authorised Official) | |||
| Place: |
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| Name: |
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| Date : |
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| Stamp |
| Designation: |
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UNDERTAKING
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| "I, |
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| son/wife of |
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| residing at |
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| do hereby agree and undertake as follows :- | |||
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| The Reserve Bank of India having permitted me to transfer or dispose of by way of |
| sale/gift/inheritance/settlement/lease, etc., the immovable property situated in india, | |
| viz., |
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| I will not, at any time, seek facilities for remittance/repatriation outside India, out of the sale proceeds of the property. This undertaking will also be binding on my heirs, executors/successors and assignees, and they will not be entitled to seek remittance/repatriation facilities out of such funds." | |
| Place : |
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| Date: |
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| (Signature) | |||