03 February 2013
I request you to kindly clarify the following.
1. Is prior permission required by an Indian company (Pvt Ltd) to take loans from a foreign company (Pvt Ltd in Singapore). Both the companies have some common directors.
2. Is there any limit upto which prior permission not required in the above situation.
04 February 2013
No prior permission is needed but there a certain conditions prescribed under ECB regulations that need to be fulfilled before taking he loan. Also LRN needs to be obtained from RBI to proceed in the matter .
CAclubindia
