TREN, February 27, 2010; Reserve Bank of India has amended the definition of PIO vide its circular number 25, [ref. RBI/2009-10/ 286 A.P. (DIR Series)] dated January 13, 2010 for the purpose of purchase of immovable property in India by the People of Indian Origini (PIOs).
In this regard, attention of Authorized Dealer Category-I banks has been invited to the existing clause (c) of Regulation 2 of Notification No. FEMA 21/2000-RB dated May 3, 2000 viz. Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India), Regulations, 2000, as amended from time to time, in terms of which 'a Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
(i) at any time, held an Indian Passport or
(ii) who or either of whose father or whose grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
However, Government of India, notified vide G.S.R.813 (E) in the Gazette of India dated November 12, 2009 [Notification No.FEMA.200/2009-RB dated October 5, 2009] an amendment to clause (c) of Regulation 2 of the Notification referred to above. Accordingly, 'a Person of Indian Origin' means an individual (not being a citizen of Pakistan or Bangladesh or Sir Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who:
(i) at any time, held an Indian Passport or
(ii) who or either of whose father or mother or whose grandfather or grandmother was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
The circular also requests Authorised Dealer Category-I banks to highlight the amendments among their constituents and customers concerned. Source: GOPIO
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