NTF. NO. FEMA 182/2009-RB, DT. 13/01/2009

FEM (Borrowing or Lending in Foreign Exchange) (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 hereby makes the following amendments in the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, (Notification No.FEMA 3/RB-2000 dated May 3, 2000), namely:-

1. Short Title and Commencement:

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

(ii) They shall be deemed to have come into effect from the 15th day of October, 2008 @.

2. Amendment of Regulation 4 -

In the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No. FEMA 3/RB-2000 dated May 3, 2000), in Regulation 4, in sub-regulation (2)(i), the words "twenty five percent" shall be substituted by the words "fifty percent" and shall be deemed to have been substituted with effect from the 15th day of October, 2008.

(Salim Gangadharan)
Chief General Manager - in - Charge

Footnote:-

1. @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations.

2. The principal regulations were published in the Official Gazette vide GSR No.386(E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide -

GSR.No.674(E) dt.25-8-2000
GSR.No.476(E) dt.8-7-2002
GSR.No.854(E) dt.31-12-2002
GSR.No.531(E) dt.9-7-2003
GSR.No.533(E) dt.9-7-2003
GSR.No.208(E) dt.23-3-2004
GSR.No.825(E) dt.22-12-2004
GSR.No. 60 (E) dt.9-2-2005
GSR.No.739(E) dt.22-12-2005
GSR.No.663(E) dt.16-10-2007

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