Can a person resident outside India who has established a Branch Office or other place of business in India in accordance with FERA/FEMA regulations purchase immovable property?
A. Yes, provided it is necessary for or incidental to carrying on such activity and all applicable laws, rules, regulations or directions are duly complied with. The purchase prices should be paid by way of inward remittance through proper banking channel. A declaration in form IPI should be filled with Reserve Bank within ninety days from the day of acquisition of commercial or residential property.
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