MANU/RFEM/0018/2000

Department / Board :RBI-Exchange Control Department

Notification No :FEMA 3/2000

Date : 03.05.2000

Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000.

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), the Reserve Bank makes the following regulations for borrowing or lending in foreign exchange by a person resident in India; namely:

1. Short Title and Commencement:-

(i) These Regulations may be called the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000.

(ii) They shall come into force on 1st day of June, 2000.

2. Definitions:-

In these regulations, unless the context otherwise requires -

a) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999);.

b) 'authorised dealer' means a person authorised as an authorised dealer under sub- section (1) of section 10 of the Act;

c) 'EEFC account', 'RFC account' mean the accounts referred to in the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000;

d) 'FCNR (B) account', 'NRE account' mean the accounts referred to in the Foreign Exchange Management (Deposit) Regulations, 2000;

e) 'Indian entity' means a company or a body corporate or a firm in India;

f) 'Joint Venture abroad' means a foreign concern formed, registered or incorporated in a foreign country in accordance with the laws and regulations of that country and in which investment has been made by an Indian entity;

g) 'Schedule' means th........