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Foreign Exchange Management (Guarantees) ( Amendment) Regulations, 2010

RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
CENTRAL OFFICE
MUMBAI

Notification No. FEMA  206 / 2010-RB.

June 1, 2010

Foreign Exchange Management (Guarantees)
( Amendment) Regulations, 2010

In exercise of the powers conferred by clause (j) 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 (Guarantees) Regulations, 2000 (Notification No.FEMA 8/2000-RB dated May 3, 2000), namely:-

1.  Short title and commencement

(a) These Regulations may be called the Foreign Exchange Management (Guarantees) (Amendment) Regulations, 2010.

(b) They shall come into force from the dates specified in these regulations.

2.   Amendment of the Regulations :

In the Foreign Exchange Management (Guarantees) Regulations, 2000 (Notification No.FEMA 8/2000-RB dated May 3, 2000), (hereinafter referred to as ‘the principal regulations’), -

3.  Amendment of Regulation 5

In the Foreign Exchange Management (Guarantees) Regulations, 2000 (Notification No. FEMA 8/2000-RB) dated May 3, 2000,  in regulation 5,  after clause (d), the following new clause shall be inserted and shall be deemed to have been inserted with effect from  April 20, 2009, namely,-

“(e) a bank which is an authorised dealer may, subject to the directions issued by the Reserve Bank in this behalf, permit a person resident in India to issue corporate guarantee in favour of an overseas lessor for financing imports through operating lease effected in conformity with the Foreign Trade Policy in force and under the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 framed by Government of India vide Notification No G.S.R. 381 (E) dated May 3, 2000 and the directions issued by Reserve Bank under Foreign Exchange Management Act, 1999 from time to time.

( Salim Gangadharan )
Chief General Manager-in-charge


Foot Note:

(i)   It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations.

(ii)  The Principal Regulations were  published in the Official Gazette vide No. G.S.R. No.391 (E) dated May 5, 2000 in Part II, Section 3, Sub-Section (i) and subsequently amended vide :

(i) No. G.S.R.575 (E) dated 19-8-2002
(ii) No. G.S.R.745 (E) dated 16-11-2004
(iii) No. G.S.R.61 (E) dated   9-2-2005
(iv) No. G.S.R.196 (E) dated 14-3-2007
(v) No. G.S.R.300 (E) dated 01/05/2009
(vi) No. G.S.R.298 (E) dated 01/05/2009

Published in the Official Gazette of Government
of India – Extraordinary – Part-II, Section 3,
Sub-Section (i) dated 27.07.2010- G.S.R.No.634(E)


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