Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2013 - 287/2013-RB - Foreign Exchange Management

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No.FEMA. 287/2013-RB Dated : September 17, 2013 Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2013 GSR 645 (E) - 1 [In exercise of the powers conferred by clause (e) 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 and Lending in Rupees) Regulations, 2000 ( Notification No.FEMA.4/2000-RB dated May 3, 2000 ), namely:- 1. Short title and commencement (a) These Regulations may be called the Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2013. (b) They shall come into force from the date of publication in the Official Gazette 2. Amendment of the Regulations: In the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 ( Notification No.FEMA.4/2000-RB dated May 3, 2000 ) (hereinafter referred to as the Principal Regulations ), in Regulation 6, after sub- regulation 2 , before Explanation, the following shall be inserted, namely: Provided that the Reserve Bank may permit such resident entities / companies to use such borrowed funds: (a) for on lending / re-lending to the infrastructure sector; or (b) for keeping in fixed deposits with banks in India pending utilization by them for permissible end-uses . (Rudra Narayan Kar) Chief General Manager in-Charge ------------------------- Notes: 1. See CORRIGENDUM - GSR 741(E) - Dated 24-10-2013 , before it was read as, In exercise of the powers conferred by clause (d) of sub-section (3) of section 6