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Foreign Exchange Management (Acquisition and Transfer of Immovable Property) Regulations, 2000

Description: Test your knowledge on the Foreign Exchange Management (Acquisition and Transfer of Immovable Property) Regulations, 2000.
Number of Questions: 15
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Tags: foreign exchange law foreign exchange management immovable property
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Under FEMA, what is the maximum period for which a non-resident Indian (NRI) can hold immovable property in India?

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years


Correct Option: B
Explanation:

As per FEMA regulations, an NRI can hold immovable property in India for a maximum period of 10 years from the date of acquisition.

Which of the following is not a permissible mode of payment for the acquisition of immovable property in India by a person resident outside India?

  1. Foreign currency

  2. Indian rupees

  3. Demand draft

  4. Traveler's cheque


Correct Option: A
Explanation:

As per FEMA regulations, foreign currency is not a permissible mode of payment for the acquisition of immovable property in India by a person resident outside India.

What is the maximum amount that a non-resident Indian (NRI) can remit outside India for the purchase of immovable property?

  1. $100,000

  2. $200,000

  3. $300,000

  4. $400,000


Correct Option: A
Explanation:

As per FEMA regulations, an NRI can remit a maximum of $100,000 outside India for the purchase of immovable property.

Which of the following documents is required to be submitted to the Reserve Bank of India (RBI) for the acquisition of immovable property in India by a person resident outside India?

  1. Form FC-TRS

  2. Form FC-GPR

  3. Form FC-LTR

  4. Form FC-SUR


Correct Option: A
Explanation:

As per FEMA regulations, Form FC-TRS (Transfer of Resident Shares) is required to be submitted to the RBI for the acquisition of immovable property in India by a person resident outside India.

What is the time limit within which an application for the acquisition of immovable property in India by a person resident outside India should be made to the Reserve Bank of India (RBI)?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days


Correct Option: C
Explanation:

As per FEMA regulations, an application for the acquisition of immovable property in India by a person resident outside India should be made to the RBI within 90 days from the date of the agreement to purchase the property.

Which of the following is not a permissible purpose for the acquisition of immovable property in India by a person resident outside India?

  1. Residential

  2. Commercial

  3. Industrial

  4. Agricultural


Correct Option: D
Explanation:

As per FEMA regulations, agricultural land is not a permissible purpose for the acquisition of immovable property in India by a person resident outside India.

What is the maximum period for which a foreign citizen can hold immovable property in India?

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years


Correct Option: A
Explanation:

As per FEMA regulations, a foreign citizen can hold immovable property in India for a maximum period of 5 years from the date of acquisition.

Which of the following is not a permissible mode of payment for the acquisition of immovable property in India by a foreign citizen?

  1. Foreign currency

  2. Indian rupees

  3. Demand draft

  4. Traveler's cheque


Correct Option: A
Explanation:

As per FEMA regulations, foreign currency is not a permissible mode of payment for the acquisition of immovable property in India by a foreign citizen.

What is the maximum amount that a foreign citizen can remit outside India for the purchase of immovable property?

  1. $100,000

  2. $200,000

  3. $300,000

  4. $400,000


Correct Option: A
Explanation:

As per FEMA regulations, a foreign citizen can remit a maximum of $100,000 outside India for the purchase of immovable property.

Which of the following documents is required to be submitted to the Reserve Bank of India (RBI) for the acquisition of immovable property in India by a foreign citizen?

  1. Form FC-TRS

  2. Form FC-GPR

  3. Form FC-LTR

  4. Form FC-SUR


Correct Option: B
Explanation:

As per FEMA regulations, Form FC-GPR (General Permission Report) is required to be submitted to the RBI for the acquisition of immovable property in India by a foreign citizen.

What is the time limit within which an application for the acquisition of immovable property in India by a foreign citizen should be made to the Reserve Bank of India (RBI)?

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days


Correct Option: B
Explanation:

As per FEMA regulations, an application for the acquisition of immovable property in India by a foreign citizen should be made to the RBI within 60 days from the date of the agreement to purchase the property.

Which of the following is not a permissible purpose for the acquisition of immovable property in India by a foreign citizen?

  1. Residential

  2. Commercial

  3. Industrial

  4. Agricultural


Correct Option: D
Explanation:

As per FEMA regulations, agricultural land is not a permissible purpose for the acquisition of immovable property in India by a foreign citizen.

What is the maximum period for which a person of Indian origin (PIO) can hold immovable property in India?

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years


Correct Option: C
Explanation:

As per FEMA regulations, a PIO can hold immovable property in India for a maximum period of 15 years from the date of acquisition.

Which of the following is not a permissible mode of payment for the acquisition of immovable property in India by a PIO?

  1. Foreign currency

  2. Indian rupees

  3. Demand draft

  4. Traveler's cheque


Correct Option: A
Explanation:

As per FEMA regulations, foreign currency is not a permissible mode of payment for the acquisition of immovable property in India by a PIO.

What is the maximum amount that a PIO can remit outside India for the purchase of immovable property?

  1. $100,000

  2. $200,000

  3. $300,000

  4. $400,000


Correct Option: B
Explanation:

As per FEMA regulations, a PIO can remit a maximum of $200,000 outside India for the purchase of immovable property.

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