Date:10/05/2005 URL: http://www.thehindubusinessline.com/2005/05/10/stories/2005051001500600.htm

Back Housing: Plea to modify FEMA

Our Bureau

New Delhi , May 9

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.