The Hindu Business Line : Housing: Plea to modify FEMA

IN a bid to enable people of Indian origin (PIOs) and non-resident Indians (NRIs) to invest in mass housing and real estate development including plantation, the Associated Chambers of Commerce and Industry of India (Assocham) has sought modifications in the Foreign Exchange Management Act (FEMA).

"The present stipulations of FEMA which came into existence in 2000, restrict PIOs and NRIs to park their surplus in the aforesaid areas, barring permitting them to invest only in town planning and small real estate development," a release said here.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Banks to take part in Krishi Mahotsav

Capital adequacy norms for RRBs likely

Creditable initiatives from RBI

Rupee weakens; gilts range-bound

Allahabad Bank mulls foray into insurance, realty fund — Annual profit Rs 542 cr; to pay 30 pc total

Syndicate Bank Q4 net rises to Rs 280 cr

Housing: Plea to modify FEMA

Bajaj Allianz's first premium income up by 380 pc

Insurers face paucity of trained manpower

Karur Vysya Bank in pact to be co-promoter in NCDEX arm

Andhra Bank eyes Rs 56,000-cr biz

Karnataka Bank cuts FCNR (B) rates