TaxTMI 
TaxTMI 
TaxTMI 
Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) (Amendment) Regulations, 2007
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....the powers conferred by clause (d) of sub-section (3) of Section 6 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following regulations to amend the Foreign Exchange Management (Borrowing or Lend­ing in Foreign Exchange) Regulations, 2000 (Notification No. FEMA 3/2000-RB dated May 3, 2000), namely :- 2. S....
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....be deemed to have been inserted with effect from the 7th day of August, 2007, namely :— "(AA) Borrowings in foreign exchange upto USD 500 million per borrower company per financial year shall be permitted only for foreign currency expenditure for permissible end-use". 4. Amendment to Schedule II.—In Schedule II of the principal regulations, (i) in paragraph (3), in sub-paragraph (i), after ....
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....e deemed to have been numbered with effect from the 4th day of November, 2005 and after Exception 1 as so numbered, the following Exception shall be inserted and shall be deemed to have been inserted with effect from the 4th day of November, 2005, namely :— 'Exception- 2—Banks may provide Bank Guarantee, Standby Letter of Credit, Letter of Undertaking or Letter of Comfort in respect of ECB by....
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....f 3 years as prescribed in clause (a) is complied with before exercising call/put option; (c) No prepayment and call/put options shall be permitted for borrowings in foreign exchange exceeding an amount of US $ 500 million and upto an amount of US $ 750 million or equivalent for a minimum average maturity of ten years." (v) in paragraph (3), in sub-paragraph (iii), after clause (B), the "Note" s....