Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2003 - 080/2003 - Foreign Exchange Management

Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2003 RESERVE BANK OF INDIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 NOTIFICATION No.FEMA. 80 /2003-RB January 8, 2003 Published in the Official Gazette of Government of India - Extraordinary - Part-II, Section 3, Sub-Section (i) dated 09.07.2003 - G.S.R.No.531(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), and in partial modification of its Notification No.FEMA.3/2000-RB dated May 3, 2000, the Reserve Bank of India makes the following Regulations to amend the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 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, 2003. ii. 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 in Regulation 5, after sub-Regulation (5), the following Sub-Regulation shall be inserted, namely:- '(6) Indian companies in India may grant loans in foreign currency to the employees of their branches outside India for personal purposes provided that the loan shall be granted for personal purposes in accordance with the lender's Staff Welfare Scheme/Loan Rules and other terms and conditions as applicable to its staff resident in India and abroad,' (K. J. Udeshi) Executive Director Foot-note : The Principal Regulations were published in the Official Gazette vide G.S.R.No.411(E) dated May 3, 2000 in part II, Section 3, Sub-Section (i) and subsequently amended vide G.S.R.No.756(E) dated September 5, 2000, G.S.R.No.264(E) dated March 5, 2002, G.S.R.No.579(E) dated July 27, 2002 and G.S.R.No.222(E) dated August 26, 2002. That as rectified and modified as aforesaid, the Principal Regulations shall remain in full force and effect. G.S.R. No.263(E)/16.04.2004