Amendment to foreign exchange borrowing limit increases the regulatory threshold and applies retrospectively with non adverse clarification. Amendment substitutes the limit in Regulation 4(2)(i) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, replacing 'twenty five percent' with 'fifty percent'; the amendment is titled the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2009 and is deemed effective from 15 October 2008. The notification clarifies that no person will be adversely affected by the retrospective effect of the amendment and records that the change is made under the statute's delegated powers.
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Amendment to foreign exchange borrowing limit increases the regulatory threshold and applies retrospectively with non adverse clarification.
Amendment substitutes the limit in Regulation 4(2)(i) of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, replacing "twenty five percent" with "fifty percent"; the amendment is titled the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2009 and is deemed effective from 15 October 2008. The notification clarifies that no person will be adversely affected by the retrospective effect of the amendment and records that the change is made under the statute's delegated powers.
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