Significant offer of support from the RBI for those seeking to register deeds

#1 Dec 24th, 2016, 18:56
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  • tonysam is offline
#1
A meeting was held on Friday 16th December between members of the Working
Group and senior managers of the RBI in Goa including the Deputy General
Manager, Ms Meenakshi Gad and her Foreign Exchange Team*.
At this meeting Ms Gad made an unexpected and very helpful offer of
support to British Nationals who purchased between 2005 and 2008
and have been unable to register their sale deeds**. Ms Gad explained
that the RBI were aware that a number of people had been given
misleading information by builders and advocates when making
these purchases and stressed that the RBI in Goa were very keen to
help resolve the situation.
About the offer
Ms Gad will attend a meeting with the national representatives of the RBI in
early January and offered to speak on behalf of this group. She has asked for a list
of people in this situation, which she will then put forward to request blanket
clearance without the need to complete 183 days in order to resolve the matter.
She stressed that she could not guarantee a positive outcome, but should she be
successful it would mean all those on the list could submit their documents to the
RBI for immediate review.
We believe this is a genuine offer and is unlikely to be given again, deriving
from several years of background work by the British High Commission in India.
It was made clear that the number of people coming forward would influence
whether it is worth the RBI raising this issue, so the response we receive will
very much determine whether this offer is taken any further.
If you would like to put your name forward, please send us the following
details by 29 December:
- Your full name(s)
- email address
- Complex / address (house / apartment number, if you are comfortable
giving it)
- Builder's name
- 183+ status (completed, the year you may complete or whether you are
unable to complete these days)
- Date of ‘purchase’.
We are happy for you to pass this information on to any friends you may have,
making it clear that they do not need to subscribe to Working Party emails if they
choose not to – the information will only be used to compile the list for this one
purpose.
What will happen next?
We do not believe that adding your name to the list will mean you need to go
ahead with your registration, although if your name is not on the list there is a
chance you won’t be able to.
If we are given the green light to proceed, and if you judge the conditions to be
acceptable, you would then be able to begin the registration process. The
standard costs involved in obtaining your deeds are:
• advocate fees: recent applications being around £300
• government fees: based on the rates given at the time of registration
(currently 5.5%: stamp duty 3.5%, registration fees 2%).
We realize that some people may judge it better to remain with their current
Agreement of Sale rather than to respond to this offer. Whilst there are risks with
either approach, it must be your decision since, once we have provided these
details, we are not in control of where the information will be passed to within the
RBI or how the information may be used in the future.
What is the RBIs current position?
Finally the RBI stressed that FEMA requires Foreign Nationals:
• to complete 183+ days in the tax year prior to registering
• show an intention to stay in India for an uncertain period.
Therefore if the initiative outlined in this circular is unsuccessful, all future
applicants will need to satisfy these points and any other criteria that apply at
the time.
Questions
We will do our best to answer any questions you may have, but please bear in
mind that we are a small voluntary group and our time resources are limited
so you may not get immediate answers.
* The Foreign Exchange Team deals with the Foreign Exchange Management Act (FEMA), the
piece of lndian law that governs the purchase of property by foreigners.
** Many foreign purchasers were given a document from their builder called an Agreement of
Sale or similar which typically gave the purchaser a right to use the property but DID NOT confer
ownership. Because registration by foreigners was effectively prohibited at that time, ownership
effectively remains with the builder / developer although the builder is only able to sell the
property to the holder of the Agreement for Sale.
#2 Dec 24th, 2016, 19:49
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  • Prakaant is offline
#2
Great Info!

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