Foreign Exchange Management (Borrowing and Lending in Rupees)(Amendment) Regulations, 2004

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....(E) dated June 8, 2004 - Part II - Section 3 - Sub-section (i) Notification No.FEMA.115/2004-RB dated March 25, 2004 In exercise of the powers conferred by clause (e) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No.FEMA 4/2000-RB dated May 3, 2000, the Reserve Bank o....

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....policy laid down by the Board of Directors of the Authorised Dealer. Provided that a. the loan shall not be utilised either singly or in association with other person for i. the business of chit fund, or ii. Nidhi Company, or iii. agricultural or plantation activities or in real estate business or construction of farm houses, or iv. trading in Transferable Development Rights (TDR....