Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2012 - আরবিআই - Reserve Bank of India
Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2012
RESERVE BANK OF INDIA Notification No. FEMA .232/2012-RB May 30, 2012 Foreign Exchange Management In exercise of the powers conferred by clause (d) 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 (Borrowing or Lending in Foreign Exchange) Regulations, 2000, (Notification No.FEMA.3/2000-RB dated May 3, 2000), namely:- 1. Short title and commencement: (a) These Regulations may be called the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2012 (b) They shall be deemed to have come into force from the date specified in these regulations. @ 2. Amendment of the Regulations: In the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 (Notification No. FEMA 3/2000-RB dated May 3, 2000) (hereinafter referred to as ‘the principal regulations’) (A) In Schedule I, in paragraph(1) (a) for clause (b), in sub paragraph (i), the following shall be substituted and shall be deemed to have been substituted with effect from 19th day of December 2011, namely, Provided that they have not at any time violated any of the provisions of these regulations and no investigation is pending against them for contravention of the provisions of these regulations under the Act.” (b) for clause (b), in sub-paragraph (ii), the following shall be substituted and shall be deemed to have been substituted with effect from 19th day of December 2011, namely:- “The borrowings in foreign currency under as specified in paragraph (i) (b) of section I of Schedule I, by a non-government organisation and Micro Finance Institution engaged in micro-finance activities shall not exceed USD 10 million or equivalent during a financial year (April-March).” (c) for sub-paragraph (v) the following shall be substituted and shall be deemed to have been substituted with effect from 23rd day of September 2011, namely:- “v) Maturity The maturity of the borrowings in foreign exchange shall be as under :
(B) In Schedule II, for sub-paragraph (iv), in paragraph (3), the following shall be substituted and shall be deemed to have been substituted with effect from 23rd day of September 2011, namely:- “(iv) Maturity (a) The maturity of borrowings in foreign exchange shall be as under:
(b) Borrowings upto USD 20 million can have call/put option provided the minimum average maturity of 3 years as prescribed in clause (a) is complied with before exercising call/put option.” (Rashmi Fauzdar) Foot Note: @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to these regulations 1. The Principal Regulations were published in the Official Gazette vide No. G.S.R. No.386 (E) dated May 5, 2000 in Part II, Section 3, sub-section (i) and subsequently amended vide:
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