Acquisition/transfer of immovable property - Prohibition on citizens of certain countries Reserve Bank of India has amended the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Amendment) Regulations, 2015 notified vide Notification No. FEMA 335/2015-RB dated February 4, 2015 c.f. G.S.R. No. 120 (E) dated February 24, 2015 to include the citizens of Macau and Hong Kong also in the list of countries which are prohibited to acquire/transfer immovable property in India in terms of Regulation 7 of FEMA. In terms of Regulation 7 of Foreign Exchange Management (Acquisition and Transfer of immovable property in India) Regulations, 2000 notified vide Notification No. FEMA 21/2000-RB dated 3rd May 2000, which no person being a citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan without prior permission of the Reserve Bank shall acquire or transfer immovable property in India, other than lease, not exceeding five
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