Retrospective application of a FEMA amendment revises Regulation 4 on foreign borrowing while protecting parties from adverse effects. The RBI amended Regulation 4 of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 by deleting sub clause (ii) of sub regulation (2) and renumbering the remaining clauses, with the amendment deemed effective from March 24, 2004 to rationalise and monitor overseas borrowings; a corrigendum clarifies that the retrospective effect will not adversely affect any person.
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Retrospective application of a FEMA amendment revises Regulation 4 on foreign borrowing while protecting parties from adverse effects.
The RBI amended Regulation 4 of the Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000 by deleting sub clause (ii) of sub regulation (2) and renumbering the remaining clauses, with the amendment deemed effective from March 24, 2004 to rationalise and monitor overseas borrowings; a corrigendum clarifies that the retrospective effect will not adversely affect any person.
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