Section 3: Section 3 of principal Act amended

3. Section 3 of principal Act amended Section 3 of the principal Act is amended, in subsection (3)(c) – (a) by repealing subparagraphs (iv) and (v) and replacing them by the following subparagraphs – (iv) purchases or otherwise acquires an immovable property, a right to immovable property or part of a building, for business purposes, on production of an authorisation from the Board of Investment granted after it has obtained the approval of the Minister; (v) purchases or otherwise acquires an apartment used, or available for use, as residence, in a building of at least 2 floors above ground floor, provided the purchase price is not less than 6 million rupees or its equivalent in any other hard convertible foreign currency, or in such other amount as may be prescribed, on production of an authorisation from the Board of Investment granted after it has obtained the approval of the Minister; (b) by repealing subparagraphs (va) and (vi). Passed by the National Assembly on the twentieth day of December two thousand and sixteen. Bibi Safeena Lotun (Mrs) Clerk of the National Assembly ______________ By Authority: Government PrintinG DePArtment, LA tour KoeniG 111/12/16 – 1134