75th Founding Day Lecture Meeting on “India@2030” Know More

February 2010

Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition

By Pinky Shah
Sonalee Godbole
Gaurang Gandhi
Tarun Ghia
Nimesh Dedhia
Vijay Kewalramani
Chartered Accountants
Reading Time 1 mins
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 Part C:
FEMA

Given below are the highlights of certain RBI
circulars, press notes and notifications

36 A. P. (DIR Series) Circular No. 25, dated
January 13, 2010

Purchase of Immovable Property in India by Persons
of Indian Origin (PIOs) – Amendment of the definition

Notification No. FEMA 200 / 2009 – RB dated October
5, 2009

This circular has amended the definition of ‘a
Person of India Origin’ as mentioned in Notification No. FEMA 21/2000-RB, dated
May 3, 2000 – Regulation 2 clause c. The amendment has been carried out in
sub-clause (ii) of clause c of Regulation 2. The amended definition is as under:
–

‘A Person of Indian Origin’ means an individual
(not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or
China or Iran or Nepal or Bhutan) who



(i) at any time, held an Indian Passport or

(ii) who or either
of whose father or
mother or whose grandfather or
grandmother
was a citizen of India by virtue of the Constitution of India or the
Citizenship Act, 1955 (57 of 1955).


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