Important update to FEMA from the RBI

The Reserve Bank of India has issued an important master circular on FEMA.

Some of the important details,

“person resident in India” means—
(i) a person residing in India for more than one hundred and eighty-two days during the course of the preceding financial
year but does not include—

(A) a person who has gone out of India or who stays outside India, in either case—
(a) for or on taking up employment outside India, or
(b) for carrying on outside India a business or vocation outside India, or
(c) for any other purpose, in such circumstances as would indicate his intention to stay outside India for an
uncertain period;

(B) a person who has come to or stays in India, in either case, otherwise than—
(a) for or on taking up employment in India, or
(b) for carrying on in India a business or vocation in India, or
(c) for any other purpose, in such circumstances as would indicate his intention to stay in India for an
uncertain period;


Read the complete circular http://rbidocs.rbi.org.in/rdocs/content/pdfs/85015.pdf

That's not new, it's part of FEMA, I think.

This circular (over 100 pages!) seems like a round-up of Foreign Investment information. A useful link.

I believe the wording quoted above is the same as it is in the existing rules. The July 2008 circular, which is long, may include rule changes re: other issues, but I don't think the information concerning the acquisition of real property has changed.

Cross-posted with Nick.