Thursday, April 12, 2012

RBI NORMS FOR CREDIT TO RESIDENT (EXTERNAL) RUPEE / FOREIGN - CURRENCY NON- RESIDENT (BANK) ACCOUNT


  • An individual resident in India may borrow a sum not exceeding USD 250,000/- or its equivalent from her / his close relatives outside India, subject to the conditions mentioned therein.
  • The Reserve Bank of India (RBI) may allow repayment of such loans to NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender concerned subject to the condition that the loan to the resident individual was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to the NRE /  FCNR(B) account of the lender and the lender is eligible to open NRE / FCNR(B) account within meaning of the Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from time to time.

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