FEM (PERMISSIBLE CAPITAL ACCOUNT TRANSACTIONS) (FOURTH AMENDMENT) REGULATIONS, 2015 – AMENDMENT IN REGULATION 4
NOTIFICATION [NO.FEMA.345/2015-RB]/GSR 859(E), DATED 16-11-2015
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:-
Short title and Commencement
1. (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.
Amendment to the Regulation
2. 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″