Regulation 2 - Definitions - Foreign Exchange Management (Borrowing and Lending) Regulations, 2018

2. Definitions: - In these regulations, unless the context otherwise requires - i) Act means the Foreign Exchange Management Act, 1999 (42 of 1999); ii) Authorised Dealer (AD) means a person authorised as an Authorised Dealer under sub-section (1) of section 10 of the Act; iii) EEFC Account , RFC Account shall have the same meaning as assigned to them respectively in the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 , as amended from time to time; iv) External Commercial Borrowings (ECB) means borrowing by an eligible resident entity from outside India in accordance with framework decided by the Reserve Bank in consultation with the Government of India; v) External Commercial Lending (ECL) means lending by a person resident in India to a borrower outside India in accordance with framework decided by the Reserve Bank in consultation with the Government of India vi) Foreign Exchange shall have the same meaning assigned to it in the Act; vii) Foreign branches/subsidiaries of the Indian banks means entities established overseas in terms of provisions contained in the Banking Regulation Act, 1949, as amended from time to time; viii) 'Authorised Bank', 'Non-resident Indian (NRI)', 'FCNR (B) Account', 'NRO Account', and 'NRE Account' shall have the same meanings as assigned to them respectively in the Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time; ix) Housing Finance Institution and National Housing Bank shall have the same meaning as assigned to them in the National Housing Bank Act, 1987, as amended from time to time; x) Indian Entity means a company incorporated in India under the Companies Act, 2013 , as amended from time to time, or a Limited Liability Partnership formed and registered in India under the Limited Liability Partnership Act, 2008 , as amended from time to time; xi) Overseas Citizen of India (OCI) Cardholder shall have the same meaning as assigned to it under Section 7(A) of the Citizenship Act, 1955, as amended from time to time; xii) Real Estate Activity means any activity involving own or leased property for buying, selling and renting of commercial and residential properties or land and also includes activities either on a fee or contract basis assigning real estate agents for intermediating in buying, selling, letting or managing real estate. However, this would not include development of integrated township, purchase/ long term leasing of industrial land as part of new project/modernisation or expansion of existing units or any activity under infrastructure subsectors as given in the Harmonised Master List of Infrastructure sub-sectors approved by the Government of India vide Notification F. No. 13/06/2009-INF, as amended/ updated from time to time; xiii) Relative shall have the same meaning as assigned to it in the Companies Act, 2013 , as amended from time to time; xiv) Restricted End Uses shall mean end uses where borrowed funds cannot be deployed and shall include the following: a) In the business of chit fund or Nidhi Company; b) Investment in capital market including margin trading and derivatives; c) Agricultural or plantation activities; d) Real estate activity or construction of farm houses; and e) Trading in Transferrable Development Rights (TDR), where TDR shall have the meaning as assigned to it in the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2015. xv) Schedule means the Schedule to these Regulations; xvi) Start-up means an entity which complies with the conditions laid down in Notification No. G.S.R 180(E) dated February 17, 2016, as amended/ updated from time to time, issued by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India; xvii) Trade Credit refer to the credits extended by the overseas supplier, bank /financial institution for imports into India in accordance with the Trade Credit framework decided by the Reserve Bank in consultation with the Government of India; Explanation: Depending on the source of finance, such trade credits include both suppliers credit and buyers credit. Suppliers credit relates to the credit for imports into India extended by the overseas supplier, while buyers credit refers to loans for payment of imports into India arranged by the importer from overseas bank or financial institution. Imports should be as permissible under the extant Foreign Trade Policy of the Director General of Foreign Trade (DGFT). xviii) The words and expressions used but not defined in these Regulations shall have the same meaning respectively assigned to them in the Act.