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Non Resident Indian (NRI) FOREIGN EXCHANGE MANAGEMENT ACT (FEMA) And BUYING AND SELLING OF IMMOVABLE PROPERTY IN INDIA NRI : Roots FOREIGN EXCHANGE MANAGEMENT ACT (FEMA) And BUYING AND SELLING OF IMMOVABLE PROPERTY IN INDIA 1. Foreign Exchange Management Act, 1999 has come into force from 1st June, 2000 replacing the earlier Act of Foreign Exchange Regulation Act, 1973. The Reserve Bank of India had made regulation under clause (1) of sub section (3) of Section 6, sub section (2) of Section 47 of FEMA with regard to “Foreign Exchange Management (Acquisition & Transfer of Immovable Property in India) Regulation 2000. Before we deal with the said Foreign Exchange Management Acquisition and Transfer of Immovable Property in India) Regulation 2000, it is necessary to know certain definition under FEMA. Section 2 of FEMA gives various definitions of the words used in the said Act which are also applicable to the said Regulation. Some of them which are...