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The Tax Publishers 5. Acquisition of immovable property for carrying on a permitted activity A person resident outside India who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business for carrying on in India any activity, excluding a liaison office, may : (a) acquire any immovable property in India, which is necessary for or incidental to carrying on such activity; Provided that : (i) all applicable laws, rules, regulations or directions for the time being in force are duly complied with; and (ii) the person files with the Reserve Bank a declaration in the form IPI annexed to these regulations, not later than ninety days from the date of such acquisition; (b) transfer by way of mortgage to an authorised dealer as a security for any borrowing, the immovable property acquired in pursuance of clause (a). SUBSCRIBE FOR FULL CONTENT

The Tax Publishers 5. Acquisition of immovable property for carrying on a permitted activity

A person resident outside India who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business for carrying on in India any activity, excluding a liaison office, may :

(a) acquire any immovable property in India, which is necessary for or incidental to carrying on such activity;

Provided that :

(i) all applicable laws, rules, regulations or directions for the time being in force are duly complied with; and

(ii) the person files with the Reserve Bank a declaration in the form IPI annexed to these regulations, not later than ninety days from the date of such acquisition;

(b) transfer by way of mortgage to an authorised dealer as a security for any borrowing, the immovable property acquired in pursuance of clause (a).