Co- Operative Housing Society

1. Formation: A builder has to initiate steps towards formation of society once he sells at least 10 Flats/ units in the building.
2. Conveyance of land & Building: Within 4 months from the date of formation of the so-operative housing society the builder has to convey the Land and the building in favour of the society.
3. Common electric Meter: Incase a builder provides electricity connection to the flat owners from a common electric meter it will be the builder’s responsibility to ensure the supply to each flat owner. In case of default, the flat owners can file a legal suit against the builder in the small causes court. The court may direct the builder to reinstate the supply of electricity. In case of default the builder will have to pay penalty @ Rs.100/- per day of default.
4. Non-Occupancy charges: a society can’t charge an amount exceeding 10% of the service charges towards non-occupancy charges.
5. Maintenance charges: can be laved on the basis of the area of the flat. All the members should share maintenance charges equally.

Agricultural Land

• An Agricultural Land can’t be sub-divided or fragmented below 0.25 Acres. (10 Gunthe) Hence sale or Purchase of Agricultural land less than 0.25 Acres is not allowed.

Foreign Exchange Management Act

All transactions undertaken by a resident that do not alter his assets or liabilities outside India are Current Account Transactions. All other transactions are Capital Account Transactions. 

Foreign Exchange [FE] up to US $25,000 can be released for a business trip to any country other than Nepal and Bhutan. Travellers are allowed to carry Notes / Coins only up to US $ 2000. The balance amount will be in the form of Travellers cheques or Bank drafts. The FE can be acquired by the person 60 days prior the intended travel date. In case an individual wants more FE he can remit FE out side through the route of Liberalised Remittance Scheme. Under this scheme any resident Indian [RI] can freely remit upto US $ 25,000 per Calendar year for any permissible current or capital account transaction or a combination of both. Such amount can be used by the Individual during his visit out side India. 

Travellers must return the balance FE within 90 days and travellers cheques within 180 days.

An individual can retain up to US $ 2,000 in the form of Foreign currency notes of TCs or the FE can be credited to RFC account.

There is no limit on how much Foreign currency can be brought by a returning traveller ! Only condition is that he has to declare the amount to the customs officers at the Airport. However while coming back to India a person can bring up to Rs,5,000 in Indian currency.

A resident Indian can gift upto US$5,000 in a year to a person residing outside India. 

For private foreign visits such as Tourism FE upto US $ 10,000 in any one calendar year may be obtained.

A person going abroad for employment or migrating to other country can draw FE up to US$ 1,00,000 in India.

Cash only upto Rs.50,000/- can be used for purchasing FE. The balance amount should be through banking channels.