13 January 2011
no loan can be taken from a Non resident in foreign currency. Only ECB is allowed for the same but there are specific guidelines for he same.
16 January 2011
External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section 3 of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/ 2000-RB viz. Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000, dated May 3, 2000, as amended from time to time.
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