RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001
Notification No.FEMA.117/2004-RB May 25, 2004
Foreign Exchange Management (Borrowing
and Lending in Rupees) (Second Amendment) Regulations, 2004
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) and in partial modification
of its Notification
No.FEMA.4/2000-RB, dated May 3, 2000, the Reserve Bank of India makes the
following Regulation to amend the Foreign Exchange Management (Borrowing and
Lending in Rupees) Regulations, 2000, namely:
1. Short title and commencement
(i)These regulations may be called the Foreign
Exchange Management (Borrowing and Lending in Rupees) (Second Amendment) Regulations,
2004.
(ii) They shall come into on the 25th
day of May 2004.
2. Amendment of the Regulations
In the Foreign Exchange Management (Borrowing
and Lending in Rupees) Regulations, 2000, in Regulation 8, in Sub-regulation
(d), after the words 'utilization of the loan', the following shall be added,
namely :
'or by any relative of the borrower in
India by crediting the borrower's loan account through the bank account of
such relative.
Explanation: The word ' relative' means
'relative' as defined in Section 6 of the Companies Act, 1956'.
Sd/-
Shyamala Gopinath
Executive Director
Foot Note: The Principal Regulations
were published in the Official Gazette vide G.S.R.No.387(E) dated May 5, 2000
in Part II, Section 3, Sub-section (i) and subsequently amended vide G.S.R.No.90
dated February 12, 2001 and 754(E) dated November 11, 2002 and 351(E) dated
June 8, 2004.
Published in the Official Gazette of Government
of India - Extraordinary - Part-II, Section 3,
Sub-Section (i) dated 16.07.2004 - G.S.R.No.453(E)
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