Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Third Amendment) Regulations, 2012 - 246/2012-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI Notification No. FEMA. 246/2012-RB November 27, 2012 Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Third Amendment) Regulations, 2012 G.S.R. 8806(E).- 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, 2012. (b) They shall come into force from the date of their publication in the Official Gazette. 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 ) (hereinafter referred to as the principal regulations ) (A) In Schedule II, in paragraph (3), (i) after sub-paragraph (xii), the following shall be inserted, namely:- (xiii) foreign currency borrowings for low cost affordable housing projects "Developers/builders, Housing Finance Companies (HFCs) and National Housing Bank (NHB) shall avail of foreign currency loans in accordance with the Act or the Rules and Regulations made thereunder in accordance with this Schedule, for financing developers / prospective owners of low cost affordable housing projects / units subject to the terms and conditions as may be specified by the Reserve Bank, from time to time in this regard. (Rashmi Fauzdar) Chief General Manager 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 No. G.S.R. 836(E) dated November 23, 2009 No. G.S.R.No.610 (E) dated August 03, 2012 No.G.S.R.No.832(E) dated November 17, 2012