Setting up business by foreighners in india
amal das
(Querist) 09 March 2012
This query is : Resolved
I am a govt employee. I have posted an advertisement for sale of my landed propoerty in one of the websites. A person basically a moroccoan presently living in USA came in contact with me and wishes to invest a huge amount in business and wants to settle down in our country. For which he needs my help. I need to know the rules for such cases. Can he buy any property in India or start any business?
Raj Kumar Makkad
(Expert) 10 March 2012
No. A foreigner without the specific permission of RBI and Ministry of External Affairs can neither purchase or retain any property in India and the same is the condition with the business.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 10 March 2012
If he demands money for some excuse or other it is open fraud.
Many have been duped by such so called investors.
ajay sethi
(Expert) 10 March 2012
he cannot purchase property in india without RBi approval
Acquisition of immovable property in India by persons resident outside India (foreign national) is regulated in terms of section 6 (3) (i) of the Foreign Exchange Management Act (FEMA), 1999 as well as by the regulations contained in the Notification No. FEMA 21/2000-RB dated May 3, 2000, as amended from time to time
C. P. CHUGH
(Expert) 13 March 2012
In case you have come into contact with the foreigner through email or sms, it is one hundred percent fraud. Be aware and do not indulge into giving any details of your bank account/credit card or other personal details. We have a long history of number of persons being duped this way.
In case you are in personal contact, a froeign national neither can buy land in India nor can invest in a joint venture without specific permission of RBI.
malipeddi jaggarao
(Expert) 14 March 2012
As regards answer Mr.Ajay Sethi has clearly answered your query. But it is 100% fraud. Do not entertain such contacts. When a person wishes to invest huge money in another country do you think that he does not aware of the rules and regulations?
