Provided that nothing in this sub-section shall apply to the acquisition or transfer of any such immovable property by way of lease for a period not exceeding five years.
(2)
Any person resident in India and holding any immovable property outside India at the commencement of this Act shall, before the expiry of a period of three months from such commencement or such further period as the Reserve Bank may allow in this behalf, declare such holding to the Reserve Bank in such form and containing such particulars as may be specified by the Reserve Bank.
[* * *] [ Sub-Section (3) omitted by Act 29 of 1993, Section 12 (w.e.f. 8.1.1993).]
(4)
Nothing in this section shall apply to a national of a foreign State.