This document is a corrigendum issued by the Reserve Bank of India (RBI), Foreign Exchange Department, and published in the Gazette of India on September 8, 2016. The corrigendum, identified as G.S.R. 869(E), relates to Notification No. FEMA 5/R/2016-RB, dated April 01, 2016, bearing G.S.R. 389(E). The key amendment pertains to Schedule 1, paragraph 6, subparagraph 3 of the original notification. The revised text authorizes authorized dealers to permit their branches/correspondents outside India to grant loans to or in favor of non-resident depositors or to third parties at the request of the depositor for bona fide purposes. These loans can be secured against funds held in Non-Resident External (NRE) accounts in India. The authorized dealers can also agree to remit funds from India if required for the liquidation of any outstanding amounts. All other contents of the original Gazette Notification remain unchanged. The corrigendum is issued under F. No. 131/EM/2015 and signed by Shekhar Bhatnagar, Chief General Manager-in-Charge.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking system and managing the country's currency.
Foreign Exchange Department: A department within the Reserve Bank of India that deals with foreign exchange regulations and related matters.
Mumbai, Maharashtra: City in India where the central office of the Foreign Exchange Department of RBI is located.
FEMA 5R2016RB: Notification number related to Foreign Exchange Management Act issued by the Reserve Bank of India.
April 01, 2016: Date of the original notification being amended.
G.S.R. 389E: Gazette notification number of the original notification being amended.
NRE accounts: Non-Resident External accounts in India, which allow non-residents to deposit foreign currency earnings.
SHEKHAR BHATNAGAR: Chief General Manager-in-Charge at Reserve Bank of India.
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EXTRAORDINARY
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PART II—Section 3—Sub-section (i)
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No. 631] NEW DELHI, THURSDAY, SEPTEMBER 8, 2016/BHADRA 17, 1938
भारतीय (cid:7407)रज़व (cid:6981)बक(cid:7289)
(िवदशे ी म(cid:7076)ु ा िवभाग)
(क(cid:7286)(cid:7076)ीय कायाल(cid:6981) य)
शुि(cid:7373)प(cid:7074)
मुंबई, 8 िसतबं र, 2016
सा.का.िन. 869(अ).—भारतीय (cid:7407)रज़व (cid:6981) ब(cid:7289)क,िवदशे ी मु(cid:7076)ा िवभाग (cid:7367)ारा 1 अ(cid:7079)लै 2016 को जारी अिधसूचना सं.
फेमा 5(आर)/2016-आरबी जो सा.का.िन. सं. 389(अ) के माफ(cid:6981)त भारत सरकार के राजप(cid:7074), असाधारण, भाग-II, खंड 3,
उप-खंड (i) म(cid:7286) (cid:7079)कािशत (cid:7263)ई थी (िजस ेइसके प(cid:7391)ात गज़ट अिधसूचना कहा गया ह)ै , म(cid:7286) :-
2. अनुसूची 1 म,(cid:7286) पैरा(cid:7061)ाफ 6 के अंतग(cid:6981)त, उप-पैरा(cid:7061)ाफ (3) को िन(cid:7388)िलिखत (cid:7367)ारा (cid:7079)ित(cid:7021)थािपत (cid:7408)कया
जाएगा—
"भारत के बाहर ऋण- (cid:7079)ािधकृत (cid:7390)ापारी भारत से बाहर ि(cid:7021)थत अपनी शाखा(cid:7312)/ को(cid:7407)र(cid:7021)प(cid:7298)ड(cid:6999)(cid:7286) स को जमाकता(cid:6981) के
अनुरोध पर वा(cid:7021)तिवक (cid:7079)योजन के िलए अिनवासी जमाकता (cid:6981) को अथवा उसके प(cid:6979) म (cid:7286) अथवा (cid:7408)कसी तीसरे प(cid:6979) को,
भारत म (cid:7286) धा(cid:7407)रत उसके एनआरई खात(cid:7298) म (cid:7286) उपल(cid:7011)ध िनिधय(cid:7298) क(cid:7409) ज़मानत पर ऋण दने ेक(cid:7409) अनुमित द ेसकत ेह (cid:7289) तथा
य(cid:7408)द आव(cid:7019)यक हो तो बकाया रािश को चकु ान े के िलए िनिधय(cid:7298) को भारत स े िव(cid:7079)िे षत करने क(cid:7409) भी सहमित द े
सकते ह।(cid:7289) "
3. गज़ट अिधसूचना क(cid:7409) अ(cid:7008)य िवषयव(cid:7021)तु अप(cid:7407)रव(cid:7414)तत बनी रहगे ी ।
[F. No. 1/31/EM-2015]
शेखर भटनागर, (cid:7079)भारी मु(cid:6990)य महा(cid:7079)बंधक
4351 GI/2016 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
CORRIGENDUM
Mumbai, the 8th September, 2016
G.S.R. 869(E).—In the Notification of Reserve Bank of India, Foreign Exchange Department,
No.FEMA 5(R)/2016-RB, dated April 01, 2016 bearing G.S.R. 389(E) and published in the Gazette of India,
Extraordinary, Part-II, Section 3, Sub-section (i) (hereinafter referred as Gazette Notification):
2. In SCHEDULE 1, under paragraph 6, the sub-paragraph (3) shall be substituted by the following—
“Loans outside India - Authorised dealers may allow their branches/correspondents outside India to
grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for
bona fide purpose, against the security of funds held in the NRE accounts in India and also agree for
remittance of the funds from India, if necessary, for liquidation of the outstanding.”
3. The other contents of the Gazette Notification shall remain unchanged.
[F. No. 1/31/EM-2015]
SHEKHAR BHATNAGAR, Chief General Manager-in-Charge(cid:32)
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and Published by the Controller of Publications, Delhi-110054.