Govt warns against violation of Foreign Exchange Management Act

Panaji, Aug 2 (UNI) The Goa government today warned foreigners against violating the Foreign Exchange Management Act (FEMA) while acquiring immovable properties in the island state without observing the Reserve Bank of India guidelines.

In a communique, the government also advised land owners not to pay heed to the agents who facilitate transactions with foreigners, but acquaint themselves with the FEMA regulations.

The government also asked landlords to approach the revenue or finance department officials to seek clarifications before making any transactions with foreigners.

The authorities also directed both to study the guidelines as notified in MEMA besides checking the RBI website www.rbi.org.in which deals with acquisition of immovable property by foreigners before intending to buy property in Goa.

The government will initiate appropriate action against all defaulters who acquired immovable properties in violation of the existing laws, the communique added.

UNI BM KU SBA GC2330