 bill no lxxiii of 2006 the registration (amendment) bill, 2006 a billfurther to amend the registration act, 1908be  it enacted by parliament in the fifty-seventh year of the republic of india as follows:—1  (1) this act may be called the registration (amendment) act, 2006short title and commencement5(2) it shall come into force on such date as the central government may, by notification in the official gazette, appoint2 in section 71 of the registration act, 1908, after sub-section (2), the following subsection shall be inserted, namely:—a m e n d m e n t of section 71 of act no 16 of 1908"(3) notwithstanding anything contained in any other law for the time being in force, where any document required to be registered under the provision of sub-section (1) of section 29 of this act, purports to transfer assign, limit or extinguish the right, title or interest of any person, to or in any property or land by a citizen in favour of a person residing outside india, no registering authority appointed under this act, shall register such document, unless the person residing outside india produces before the registering authority documentary proof of all the statutory requirements needed to be complied with under any act of parliament or the state legislature in matters of sale or purchase of immovable property particularly by person residing outside india as defined in the foreign exchange management act, 1999"12 of 1999 statement  of  objects  and  reasonsin recent years increasing number of foreign nationals are buying immovable properties in india although, the new economic policy of government is encouraging foreigners to venture into business in this country, absence of effective regulatory mechanism in the matter of their dealings in immovable properties in india has created confusion leading to certain unscrupulous elements taking undue advantage of the situationthe foreign exchange management act, 1999, provides for certain restrictions in the matter of dealings in immovable properties in india by persons residing outside indiahowever, the registration act, 1908, does not contain any provision to direct the sub-registrars authorized to register deeds to ask for documentary proof of various statutory requirements with respect to immovable properties proposed to be purchased by persons residing outside indiaas a result, deeds with respect to immovable properties are registered in the offices of registering authorities without compliance of the provision of the foreign exchange management act, 1999, and other lawsa provision in the registration act 1908, is therefore required to authorize registering authority to demand from person residing outside india necessary compliance of the law of the landhence the billshantaram  laxman naik rajya  sabha————— a bill further to amend the registration act, 1908————(shri shantaram laxman naik, mp)mgipmrnd—2214rs(s1)—11082006