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of <h1>Indian residents cannot borrow or lend foreign exchange except with Reserve Bank permission under Regulation 3 FEMA 2000</h1> Regulation 3 of FEMA 2000 prohibits Indian residents from borrowing or lending in foreign exchange with any person, whether resident in India or abroad, except as permitted under the Act, Rules, or Regulations. The Reserve Bank retains discretionary power to grant permission for foreign exchange borrowing or lending transactions with non-residents when sufficient reasons are demonstrated. This provision establishes the general prohibition framework while preserving regulatory flexibility for exceptional circumstances.
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