Dubai Property Buyers Face ED Heat for FEMA Violations
Published
According to the FEMA Regulations, purchasing property by residents with a token down payment and the remaining amount paid in installments over time is also illegal because residents are not allowed to create foreign exchange obligations without RBI approval, nor are they allowed to use foreign exchange earned by them through exporting, providing services, or receiving gifts from non-residents, among other means. Residents are required to bring all foreign exchange earned or received by them to India and deposit it in their bank account in India. Any foreign exchange required by residents can only be remitted outside of India under the Liberalized Remittance Scheme ( LRS) up to US $2,50,000 per financial year.
