Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2007 - RBI - Reserve Bank of India
Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2007
Reserve Bank of India Notification No.FEMA. 160/2007- RB Dated September 18, 2007 Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2007 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), the Reserve Bank of India hereby makes the following amendments in the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 (Notification No.FEMA.4/2000-RB dated May 3, 2000), namely :- 1. Short Title and Commencement:- (i) These Regulations may be called the Foreign Exchange Management (Borrowing and Lending in Rupees) (Amendment) Regulations, 2007. 2. Amendment to the Regulations:- In the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000(Notification No.FEMA.4/2000-RB dated May 3, 2000),in regulation 7, after sub-regulation (C), the following new sub-regulation shall be inserted, namely :- " (D) An Authorised Dealer in India may grant Rupee loans to NRI employees of Indian companies for acquiring shares of the companies under the Employees Stock Option (ESOP) Scheme subject to the following conditions: (i) The ESOP Scheme should be as per the policy approved by the bank’s Board, (Salim Gangadharan) Foot Note: (i) @ It is clarified that no person will be adversely affected as a result of retrospective effect being given to such regulations. (a) G.S.R. No. 90 dated February 12, 2001;
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