How can a person resident outside India acquire immovable property for carrying on in India any activity in accordance with FERA/FEMA regulations?
Ans. Yes, a person resident outside India acquire immovable property for carrying on in India any activity in accordance with FERA/FEMA regulations by establishing a branch office or other places of business. Provided (i) it is necessary for or incidental to carrying on such activity. (ii) all applicable laws, rules, regulations or directions are dully complied with. (iii) the purchase price is paid by way of inward remittance through proper banking channel. (iv) a declaration Form IPI should be filed with Reserve Bank within ninety days from the acquisition of such property.
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