Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2003 - 082/2003 - Foreign Exchange Management

Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Second Amendment) Regulations, 2003 RESERVE BANK OF INDIA EXCHANGE CONTROL DEPARTMENT CENTRAL OFFFICE MUMBAI-400 001 Notification No.FEMA.82/2003-RB Dated the January 10, 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. 533(E) In exercise of the powers conferred by clause (d) of sub-section (3) of Section 6, 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 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) (Second Amendment) Regulations, 2003. ii. They shall come into force on 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 4, in sub-regulation (1) after clause (vi), the following clause shall be added, namely:- '(vii) An authorized dealer may grant foreign currency loans in India against the security of funds held in FCNR (B) account to the account holder only, subject to the guidelines issued by the Reserve Bank in this regard'. (K.J. Udeshi) Executive Director Foot-note : The Principal Regulations were published in the Official Gazette vide G.S.R.No.386(E) dated May 3, 2000 in part II, Section 3, Sub-Section (i) and subsequently amended vide G.S.R.No.674(E) dated August 14, 2000, G.S.R.No.476(E) dated April 29, 2002 and G.S.R.No.854(E) dated November 1, 2002 and G.S.R.No.531(E) dated January 8, 2003. That as rectified and modified as aforesaid, the Principal Regulations shall remain in full force and effect. G.S.R. No.264(E)/16.04.2004