fema act
Mansi Brijaria (29 Points)
12 February 2019
Can an indian co issue shares to non resident against loan and interest payable
4 Replies
GetLegal India
(7 Points)
Replied 17 December 2021
Persons residing in India are free to buy or sell foreign exchange for any current account transaction under Section 5 of the FEMA.
It is for the transactions except which the Central Government has prohibited using foreign exchange, like remittance of lottery winnings; remittance of income from racing/riding, etc. or any other hobby; remittance for purchasing lottery tickets. Read more about <a target='_blank' rel='nofollow' href="https://getlegalindia.com/fema-act/">FEMA act</a> in detail.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 18 December 2021
Yes, but lender should be Non Resident Indian(NRI)
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