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    <title>Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026</title>
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    <description>Amendments substitute definitions, add a prohibition on specific end uses of borrowed funds (including chit funds, nidhi companies, specified real estate and certain agricultural and plantation activities, trading in transferable development rights, most securities transactions and repayment of restricted domestic INR loans), revise individual INR borrowing from non residents to require inward remittance and non repatriation, and replace Schedule I with a comprehensive ECB framework covering eligible borrowers and lenders, currency and form of borrowing, limits, minimum average maturity periods, cost and security rules, refinancing, conversion to non debt instruments, drawdown via Loan Registration Number, and detailed reporting obligations through the designated AD Category I bank.</description>
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