Foreign exchange borrowing limit revised; Reserve Bank empowered to set or vary the applicable ceiling under amended regulation. The amendment substitutes the words 'fifty percent' in Regulation 4(2)(i) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 with 'hundred percent or such other limit as decided by the Reserve Bank, from time to time', thereby granting the Reserve Bank discretion to set or vary the applicable borrowing limit. The Fourth Amendment Regulations, 2013 commence from their publication in the Official Gazette and are issued under the specified provisions of the Foreign Exchange Management Act, 1999.
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Foreign exchange borrowing limit revised; Reserve Bank empowered to set or vary the applicable ceiling under amended regulation.
The amendment substitutes the words "fifty percent" in Regulation 4(2)(i) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 with "hundred percent or such other limit as decided by the Reserve Bank, from time to time", thereby granting the Reserve Bank discretion to set or vary the applicable borrowing limit. The Fourth Amendment Regulations, 2013 commence from their publication in the Official Gazette and are issued under the specified provisions of the Foreign Exchange Management Act, 1999.
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