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FEMA,1999

(Querist) 07 March 2011 This query is : Resolved 
IF A CITIZEN OF BANGLADESH TRANFERS IMMOVABLE PROPERTY OF WHICH HE IS THE OWNER AND WHICH IS LOCATED IN INDIA TO AN INDIAN CITIZEN DOES THE INDIAN CITIZEN NEED TO OBTAIN PRIOR APPROVAL OF THE RESERVE BANK OF INDIA?IF THE ANSWER IS IN AFFIRMATIVE THEN WHAT CONSEQUENCES WILL FOLLOW IF HE FAILS TO OBTAIN THE REQUIRED APPROVAL?
REGARDS
JOHN
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A V Vishal (Expert) 07 March 2011
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