RESERVE BANK
OF INDIA
EXCHANGE CONTROL DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001
NOTIFICATION
No.FEMA. 80 /2003-RB
January
8, 2003
Foreign
Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations,
2003
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),
and in partial modification of its Notification No.FEMA.3/2000-RB dated May
3, 2000, the Reserve Bank of India makes the following Regulations to amend
the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations,
2000, namely:
1. Short
title and commencement:
i. These
Regulations may be called the Foreign Exchange Management (Borrowing or Lending
in Foreign Exchange) (Amendment) Regulations, 2003.
ii. They
shall come into force from the date of 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 5, after sub-Regulation (5), the following Sub-Regulation
shall be inserted, namely:-
'(6) Indian
companies in India may grant loans in foreign currency to the employees of their
branches outside India for personal purposes provided that the loan shall be
granted for personal purposes in accordance with the lender’s Staff Welfare
Scheme/Loan Rules and other terms and conditions as applicable to its staff
resident in India and abroad,'
(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.531(E)
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