Section 6(2) in The Foreign Exchange Management (Borrowing Or Lending In Foreign Exchange) Regulations, 2000
(2)A person resident in India who desires to raise foreign currency loans of the nature or for the purpose as specified in Schedule II and who satisfies the eligibility and other conditions specified in that Schedule, may apply to the Reserve Bank for prior approval to raise such loans; provided that this shall be deemed to have come into force with effect from February 1, 2004, except in relation to item 3(iii)(A)(C) of Schedule II which shall be deemed to have come into force with effect from February 23, 2004.
