RESERVE
BANK OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFFICE
MUMBAI-400 001
Notification No.FEMA.82/2003-RB
Dated
the January 10, 2003
Foreign Exchange Management
(Borrowing or Lending in Foreign Exchange)
(Second Amendment) Regulations, 2003
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
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)
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