04 October 2011
CAN I BORROW LOAN FROM N.R.I. IF N.R.I. REMITT. AMOUNT DIRECTLY IN MY SAVING ACCOUNT , WHAT IS RULES REGULATION IN THIS MATTER OF RESERVE BANK OF INDIA. AND ON WHICH RATE OF INTEREST I CAN BORROW. PLEASE GUIDE ME.
04 October 2011
An individual resident in India may borrow a sum not exceeding US $ 250,000/- or its equivalent form his close relatives outside India, subject to the conditions that-
a) the minimum maturity period of the loan is one year; b) the loan is free of interest; and c) the amount of loan is received by inward remittance in free foreign exchange through normal banking channels or by debits to the NRE/FCNR account of the non-resident lender. Explanation: 'Close relative' means relative as defined in Section 6 of the Companies Act, 1956.]
04 October 2011
THANKS FOR YOUR REPLY Mr. VISHAL , CAN YOU PROVIDE ME ANY LINK OR RULES CHAPTER WHERE I CAN READ AND UNDERSTAND THAT MATTER BEFORE MATURE THE DEAL.
04 October 2011
You may refer : Foreign Exchange Management (Borrowing and lending in Foreign Exchange) Regulations, 2000. Notification No. FEMA 3/2000-RB dated 3rd May 2000, as ammended upto date.
This would be available on RBI site. Or google it.
06 October 2011
A LOT OF THANKS FOR YOUR VALUABLE ADVISE ,
MR. VISHAL I HAVE A ANOTHER QUERY IN THIS REGARD , THAT MENTIONED IN GUIDELINE FOR DEFINITION OF CLOSE RELATIVE SECTION 6 ( SCHEDULE 1A ) WHAT CAN WE ACCEPT GIFT ALSO FROM THE RELATIVES PLEASE ASSIST ME.
CAclubindia
