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    <title>THE FOREIGN EXCHANGE MANAGEMENT (BORROWING AND LENDING) REGULATIONS, 2018</title>
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    <description>The regulations set a framework for cross border borrowing and lending with a general prohibition subject to Reserve Bank permission, distinguish borrowing and lending in foreign exchange and in Indian rupees, and prescribe detailed rules for External Commercial Borrowings including eligible borrowers and lenders, currencies and instruments, minimum maturities, permitted spreads, permitted end uses, security and guarantee conditions, reporting and loan registration procedures, hedging requirements, per entity limits and automatic versus approval routes.</description>
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      <description>The regulations set a framework for cross border borrowing and lending with a general prohibition subject to Reserve Bank permission, distinguish borrowing and lending in foreign exchange and in Indian rupees, and prescribe detailed rules for External Commercial Borrowings including eligible borrowers and lenders, currencies and instruments, minimum maturities, permitted spreads, permitted end uses, security and guarantee conditions, reporting and loan registration procedures, hedging requirements, per entity limits and automatic versus approval routes.</description>
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