Unsecured loan
This query is : Resolved
08 May 2008
Can an indian Pvt. limited JV company raise unsecured loan from his promoter foreign company, if yes whats the limit and what is the procedure to obtain unsecured loan.
Regards
Preeti
Regards
Preeti
09 May 2008
yes unsecured loans FROM PROMOTER FOREIGN CO. CAN BE OBTAINED AS THERE IS A GENERAL PERMISSION OF RBI AS CAN BE SEEN FROM FOLLOWING RBI CIRCULAR.
AS FOR LIMITS THERE IS NONE STATED THEREIN.
AS FOR PROCEDURE,YOU NEED TO APPROACH YOUR AUTHORISED DEALER(BANK)..
General permission has been granted for conversion of ECB into equity, subject to certain conditions and reporting requirements. The conversion facility is available for ECBs availed either with general permission or specific permission of Reserve Bank. This would also be applicable to ECBs irrespective of whether due for payment or not, as well as secured / unsecured loans availed from non-resident collaborators. However, import payables, deemed as ECBs would not be eligible for conversion.
SOURCE:
RBI/2006 - 07/20
Master Circular No. / 02 /2006-07 July 1, 2006
Master Circular on Foreign Investments in India
R.V.RAO
AS FOR LIMITS THERE IS NONE STATED THEREIN.
AS FOR PROCEDURE,YOU NEED TO APPROACH YOUR AUTHORISED DEALER(BANK)..
General permission has been granted for conversion of ECB into equity, subject to certain conditions and reporting requirements. The conversion facility is available for ECBs availed either with general permission or specific permission of Reserve Bank. This would also be applicable to ECBs irrespective of whether due for payment or not, as well as secured / unsecured loans availed from non-resident collaborators. However, import payables, deemed as ECBs would not be eligible for conversion.
SOURCE:
RBI/2006 - 07/20
Master Circular No. / 02 /2006-07 July 1, 2006
Master Circular on Foreign Investments in India
R.V.RAO
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
