Amendment In - Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000

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..... ) Regulations, 2000 Notification No. FEMA 238/2012-RB Dated 25-9-2012 GSR 895(E),- 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 makes the following amendments in the Foreign Exchange Management (Borrowing and Lending in Rup .....

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..... cb) 'relative' means a 'relative' as defined in section 6 of the Companies Act, 1956 " (2) after Regulation 7 , the following new regulation shall be inserted, namely, - "7A. A loan granted to a non-resident by an authorised dealer, in accordance with Regulation 7 above, may be repaid by any relative of the borrower in India by crediting the borrower's loan account through the bank account .....

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..... ss purposes in India; (iv) the loan shall not be utilised, either singly or in association with other person, for any of the activities in which investment by persons resident outside India is prohibited, namely (a) the business of chit fund, or (b) Nidhi Company, or (c) agricultural or plantation activities or in real estate business, or construction of farm houses, or (d) trading in .....

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