Foreign Exchange Management (Borrowing and lending) (Amendment) Regulations, 2019 - FEMA 3(R)1 /2019-RB - G.S.R. 163(E) - Foreign Exchange Management

RESERVE BANK OF INDIA (Financial Markets Regulations Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 26th February, 2019 Foreign Exchange Management (Borrowing and lending) (Amendment) Regulations, 2019 G.S.R. 163(E).- In exercise of the powers conferred by clause (e) of sub-section (3) of Section 6 and sub-section (1) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA 3(R)/2018-RB dated December 17, 2018 , the Reserve Bank makes the following amendment in the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 , as amended from time to time, namely :- 2. Short title and commencement: - (i) These Regulations may be called the Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2019. (ii) They shall come into force with effect from the date of their publication in the Official Gazette. 3. Amendment of the regulations: - (i) In the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, after Para 7 , the following Para 7-A shall be added, viz., 7-A. Borrowing and lending by persons resident outside India: - A person resident outside India may undertake repo or reverse repo transactions in Rupees to borrow or lend money, subject to such terms and conditions as may be specified by the Reserve Bank. Explanation: Repo shall have the same meaning as defined in Section 45U (c) of RBI Act, 1934 Reverse Repo shall have the same meaning as defined in Section 45U (d) of RBI Act, 1934 [No. FEMA 3(R)1 /2019-RB] T. RABI SANKAR, Chief General Manager