NTF. NO. FEMA 127/2005-RB, DT. 05/01/2005

Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2005

GSR 60(E) : - In exercise of the powers conferred by clause (d) of Sub-section 3 of Section 6 of the Foreign Exchange Management Act, 1999 (Act 42 of 1999) and in partial modification of its Notification No. FEMA-3/2000-RB dated May 3, 2000 the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, as amended from time to time, namely –

1. Short title and commencement :

(i) These Regulations may be called the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2005.

(ii) They shall be deemed to have come into force from March 24, 2004.*

2. Amendment of the Regulations

2. In the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 “in Regulation 4, sub-regulation 2, clause (ii) shall be deleted and the subsequent clauses shall be renumbered as (ii) and (iii) respectively.

Sd/-
( F R Joseph )
Chief General Manager

* Foot Note :

This date has been mentioned since the directions were issued to authorized dealers vide A.P (DIR Series) Circular No. 81 dated March 24, 2004. This circular was issued to rationalize and monitor the total overseas borrowings including External Commercial Borrowings of banks that are authorized to deal in foreign exchange.

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

(Above 1 has been substituted vide CORRIGENDUM - G.S.R. No.41(E), DT. 28/01/2006)

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