Zee Media Bureau/Santosh Kumar
New Delhi: The Enforcement Directorate (ED) is planning to issue notice to the Pakistan International Airlines (PIA) for allegedly acquiring immovable properties worth several crores in Delhi in violation of the guidelines laid down by the Reserve Bank of India (RBI).
Sources revealed the foreign airlines acquired prime properties in the heart of the national capital allegedly without the mandatory permission from the RBI and this was in gross violation of the Foreign Exchange Management Act (FEMA).
As per FEMA guidline, citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan cannot acquire or transfer immovable property in India, (other than on lease not exceeding five years) without the prior permission of the Reserve Bank.
The guidelines further say that a foreign national of non-Indian origin, resident outside India cannot purchase any immovable property in India unless such property is acquired by way of inheritance from a person who was resident in India.
However, he / she can acquire or transfer immovable property in India, on lease, not exceeding five years. In such cases, there is no requirement of taking any permission of /or reporting to the Reserve
