NTF. NO. FEMA 197/2009-RB, DT. 22/09/2009

FEM (Borrowing or Lending in Foreign Exchange) (Third Amendment) Regulations, 2009

In exercise of the powers conferred by clause (d) of sub-section (3) of Section 6, and sub section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No.FEMA.3/2000-RB dated May 3, 2000), namely:-

1. Short title and commencement :

(a) These Regulations may be called the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Third Amendment) Regulations, 2009

(b) They shall be deemed to have come into force from the June 30, 2009.

2. Amendment of the Regulations :

In the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No.FEMA.3/2000-RB dated May 3, 2000), in Schedule I, in paragraph (1),in sub-paragraph (i),

(I) after clause (a), the following proviso shall be inserted, namely:-

"provided that they have not at any time violated any of the provisions of these regulations and no investigation is pending against them for contravention of the provisions of these regulations under the Act."

(II) after clause (b), the following proviso shall be inserted, namely:-

"provided that they have not at any time violated any of the provisions of these regulations and no investigation is pending against them for contravention of the provisions of these regulations under the Act."

(III) after clause (c), the following proviso shall be inserted, namely:-

"provided that they have not at any time violated any of the provisions of these regulations and no investigation is pending against them for contravention of the provisions of these regulations under the Act."

(Salim Gangadharan)
Chief General Manager-in-Charge

Foot Note:

The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.386 (E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide:

No. G.S.R.674 (E) dated August 25,2000
No. G.S.R.476 (E) dated July 8,2002
No. G.S.R.854 (E) dated December 31,2002
No. G.S.R.531 (E) dated July 9,2003
No. G.S.R.533 (E) dated July 9,2003
No. G.S.R.208 (E) dated March 23,2004
No. G.S.R.825 (E) dated December 22,2004
No. G.S.R.60 (E) dated February 9,2005
No. G.S.R.739 (E) dated December 22,2005
No. G.S.R.663 (E) dated October 16,2007
No. G.S.R.61 (E) dated January 30,2009
No. G.S.R.547(E) dated July 27, 2009

Presented by eximkey.com