Registration Act
praveenthummaji
(Querist) 22 November 2008
This query is : Resolved
Can I know what are the latest amendments made in the Registration Act 1908. Update amendments are required. Can anybody help me. My email is thummaji@rediffmail.com
Guest
(Expert) 26 November 2008
2. In section 71 of the Registration Act, 1908, after sub-section (2), the following subsection
shall be inserted, namely:—
"(3) Notwithstanding anything contained in any other law for the time being in force,
where any document required to be registered under the provision of sub-section (1) of
section 29 of this Act, purports to transfer assign, limit or extinguish the right, title or interest
of any person, to or in any property or land by a citizen in favour of a person residing outside
Short title
and
commencement.
Bill No. LXXIII of 2006
SERVER 1 BILL 2004/RAJYA SABHA\2214RS
Amendment
of section 71
of Act No. 16
of 1908.
5
10
India, no registering authority appointed under this Act, shall register such document,
unless the person residing outside India produces before the registering authority
documentary proof of all the statutory requirements needed to be complied with under
any Act of Parliament or the State Legislature in matters of sale or purchase of immovable
property particularly by person residing outside India as defined in the Foreign
Exchange Management Act, 1999." 12 of 1999.
STATEMENT OF OBJECTS AND REASONS
In recent years increasing number of foreign nationals are buying immovable
properties in India. Although, the New Economic Policy of government is encouraging
foreigners to venture into business in this country, absence of effective regulatory
mechanism in the matter of their dealings in immovable properties in India has created
confusion leading to certain unscrupulous elements taking undue advantage of the situation.
The Foreign Exchange Management Act, 1999, provides for certain restrictions in
the matter of dealings in immovable properties in India by persons residing outside India.
However, the Registration Act, 1908, does not contain any provision to direct the
sub-registrars authorized to register deeds to ask for documentary proof of various statutory
requirements with respect to immovable properties proposed to be purchased by persons
residing outside India.
As a result, deeds with respect to immovable properties are registered in the offices of
registering authorities without compliance of the provision of the Foreign Exchange
Management Act, 1999, and other laws.
A provision in the Registration Act 1908, is therefore required to authorize registering
authority to demand from person residing outside India necessary compliance of the law of
the land.
Hence the Bill
