Section 24Central Act
Section 24: Restriction on settlement, etc .-No person resident in India shall, except with the general or special permission of the Reserve Bank, settle or make a gift of, any property so that a person who at the time of the settlement or the making of the gift is resident outside India, elsewhere than in the territories notified in this behalf by the Reserve Bank, will have an interest in the property, or exercise any power for payment in favour of a person who at the time of the exercise of the power is resident outside India elsewhere than in such notified territories:
Restriction on settlement, etc .-No person resident in India shall, except with the general or special permission of the Reserve Bank, settle or make a gift of, any property so that a person who at the time of the settlement or the making of the gift is resident outside India, elsewhere than in the territories notified in this behalf by the Reserve Bank, will have an interest in the property, or exercise any power for payment in favour of a person who at the time of the exercise of the power is resident outside India elsewhere than in such notified territories:
Provided that any settlement or gift made or any power exercised as aforesaid without the permission of the Reserve Bank shall not be invalid merely on the ground that such permission has not been obtained.Previous
Sec 23 — Acquisition by Central Government of foreign securities .-[ Omitted by the Foreign Exchange Regulation (Amendment) Act , 1993 (29 of 1993), section 11 (w.e.f.8-1-1993).]
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Sec 25 — Restriction on holding of immovable property outside India .-(1) No person resident in India shall, except with the [general or special permission of the Reserve Bank], acquire or hold or transfer or dispose of by sale, mortgage, lease, gift, settlement or otherwise, any immovable property situate outside India:
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