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of <h1>RBI amends Foreign Exchange Management Regulations, deletes clause in Regulation 4 to streamline overseas borrowings. Effective March 24, 2004.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, effective from March 24, 2004. This amendment involves the deletion of clause (ii) in sub-regulation 2 of Regulation 4, with subsequent clauses renumbered. The amendment was published in the Official Gazette and aims to rationalize and monitor overseas borrowings, including External Commercial Borrowings by authorized banks. A corrigendum clarified that the retrospective effect of these regulations would not adversely affect any person.
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