Can foreign embassies sell immovable property in India

Question: Can foreign embassies sell immovable property in India?

Answer(s)

Raju Kanumuri: In terms of Regulation 5A of the Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations 2000, Foreign Embassies/ Diplomats/ Consulates General may purchase/ sell immovable property (other than agricultural land/ plantation property/ farm house) in India provided –

1. Clearance from the Government of India, Ministry of External Affairs has been obtained for such purchase/sale; and

2. The consideration for the acquisition of immovable property in India is paid out of funds remitted from abroad through the normal banking channels.

Your Answer

Related Questions

Q: Can the name of foreign national or non-Indian origin be added as a shareholder to a residential or commercial property purchased by NRI/PIO?

A: No, you cannot add the name of foreign national or Indian origin as a shareholder to a residential or commercial property purchased by NRI/PIO

Q: What way non-resident Indian can finance the flat?

A: The purchase of the flats can be financed from the fresh remittance through the normal banking channels or from payment from the original non-resident account or from Non-resident (External)...

Q: What should be the method of payment for purchasing residential immovable property in India by foreign nationals of Indian origin under the general permission?

A: The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/ FCNR accounts maintained with banks in India.

Q: If non-resident Indian nationals are staying abroad can the property be purchased through the agent or through the POA?

A: The non-resident Indians who are staying abroad may enter into an agreement through their relatives and/ or by executing the Power of Attorney in their favour as it is not possible for them to be...

Ask