Foreign Exchange Management (Permissible Capital Account Transactions) (4th Amendment) Regulations, 2015

Dated November 16th, 2015 | Copy of | Notification No.FEMA.345/2015-RB |

In exercise of the powers conferred by sub-section (2) of Section 6, sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes, in consultation with the Central Government, the following amendments in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 (Notification No. FEMA.1/2000-RB dated 3rd May 2000), namely:-

1. Short Title and Commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015. (ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to the Regulation:-

In the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000 (Notification No.FEMA 1/2000-RB dated 3rd May, 2000), in Regulation 4, in sub-regulation (b), the existing Explanation (i) shall be substituted by the following namely:

“(i) For the purpose of this regulation, “real estate business” shall not include development of townships, construction of residential/commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014”.

Sd/- (B.P. Kanungo) Principal Chief General Manager

G.S.R.859(E) F.No.1/EM/2015 Issued by: Reserve Bank of India (Foreign Exchange Department) (Central Office) Mumbai

Foot Note:

The Principal Regulations were published in the Official Gazette vide No. G.S.R.384(E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide:

G.S.R.207(E) dated March 23, 2004 G.S.R.14(E) dated January 5, 2008 G.S.R.551(E) dated August 14, 2013 G.S.R.488(E) dated July 11, 2014 G.S.R.283(E) dated April 13, 2015 G.S.R.425(E) dated May 26, 201