Purchase of Immovable Property in India by Persons of Indian Origin (PIOs) – Amendment of the definition
The term PIO is defined under Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000.
The definition is partially amended by Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) (Second Amendment) Regulations, 2009 to include Mother & Grandmother.
Now, PIO means:
Source: A.P. (DIR Series) Circular No.25 dated 10th January 2010
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