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RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI - 400 001
Notification No.FEMA 112 /2004-RB
Dated : 6th March 2004
Foreign Exchange Management (Borrowing
or Lending in Foreign Exchange) (Amendment) Regulations 2004
In exercise of the powers conferred
by clause (d) of sub-section 3 of Section 6 of sub-section (2) of Section 47
of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification
of Notification
No.FEMA 3/2000-RB dated May 3, 2000, as amended from time to time, 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, 2004.
(ii) They shall come into force
on their publication in the Official Gazette.
2. Amendment to the Regulations
:-
In the Foreign Exchange Management
(Borrowing or Lending in Foreign Exchange) Regulations, 2000, for the proviso
in sub-regulation 4 of regulation 5, the following proviso shall be substituted
:
'Provided that where the amount
of loan exceeds US $ 100,000, a guarantee of a bank of international repute
situated outside India is provided by the overseas borrower in favour of the
lender'.
Sd/-
(Shyamala Gopinath)
Executive Director
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 23.03.2004 - G.S.R.No.208(E)
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