Registrars in Goa to study NRI land deals

With the central government putting in place various mechanisms for land deals and transactions by foreigners under Foreign Exchange Management Act, 1999 (FEMA), the state government, with immediate effect, has dissolved a committee it appointed in August 2013 to scrutinize all land deals by foreigners following allegations of violations of FEMA during land purchase in Goa. The committee has been dissolved and now the NRIs, OCIs and PIOs can get their transactions scrutinized at the lower-rungs of the civil registrars-cum-sub-registrars (CRSR) at taluka headquarters. The committee was also tasked with processing of pending, future applications regarding purchase or sale of property by Person of Indian Origin (PIO), Overseas Citizens of India (OCI), etc. The CRSRs will perform various tasks, including scrutinizing document presented before them prior to registration of the transaction for transfer of immovable property involving Indian origin persons covered under FEMA regulations and guidelines. The same is done to ensure that the transfer of property is permissible under the said regulations. The state government has issued instructions to concerned state authorities to ensure that the provisions of FEMA and various guidelines, memoranda and other directives issued by the central government, Reserve Bank of India and other statutory authorities, regarding transactions of immovable properties for PIOs, should be fulfilled.