Regulatory amendment to foreign exchange borrowing and lending removes a Schedule provision, applied retrospectively with non adverse clarification. The Reserve Bank of India has amended the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations by omitting paragraph 5 of Schedule II, thereby modifying the regulatory provisions governing borrowings and lendings in foreign exchange. The amendment is effected by notification as the Fourth Amendment Regulations, 2012, includes a short title and commencement clause and states the amendment has retrospective effect while asserting no person will be adversely affected by that retrospective application.
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Provisions expressly mentioned in the judgment/order text.
Regulatory amendment to foreign exchange borrowing and lending removes a Schedule provision, applied retrospectively with non adverse clarification.
The Reserve Bank of India has amended the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations by omitting paragraph 5 of Schedule II, thereby modifying the regulatory provisions governing borrowings and lendings in foreign exchange. The amendment is effected by notification as the Fourth Amendment Regulations, 2012, includes a short title and commencement clause and states the amendment has retrospective effect while asserting no person will be adversely affected by that retrospective application.
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