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Section 16: Loans in foreign currency.

The National Housing Bank Act, 1987Central Act · Act 53 of 1987

(1) Notwithstanding anything contained in 5[the Foreign Exchange Management Act, 1999 (42 of 1999)] or in any other law for the time being in force relating to foreign exchange, the National Housing Bank may, for the purpose of making loans and advances under this Act, borrow in such manner and on such conditions as may be prescribed in consultation with the Reserve Bank and with the previous approval of the Central Government, foreign currency from any bank or financial institution in India or elsewhere.

(2) The Central Government may, where necessary, guarantee any loan taken by the National Housing Bank under sub-section (1) or any part thereof as to the repayment of principal and the payment of interest and other incidental charges.

Where this provision sits

ActThe National Housing Bank Act, 1987
Section16
Marginal noteLoans in foreign currency.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 13 of 2018. . Subs. by Act 13 of 2018, s. 168, for “the Foreign Exchange Regulation Act, 1973 (46 of 1973).

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