Section 6(4) in The Foreign Exchange Management (Borrowing Or Lending In Foreign Exchange) Regulations, 2000
(4)[] [ Sub-regulation (2) renumbered as sub-regulation (4) by G.S.R. 825(E), dated 13.12.2004.] [Where prior approval is required] [ Inserted by G.S.R. 825(E), dated 13.12.2004.] the Reserve Bank may grant its approval subject to such terms and conditions as it may consider necessary:Provided that while considering the grant of approval, the Reserve Bank shall take into account the overall limit stipulated by it, in consultation with the Central Government, for availment of such loans by the persons resident in India.
