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Question ID : 36899

Loan from NRI Director

A Company is receiving loan from its Director who is a NRI. Loan is received from him in Indian Rupee from a bank account in India maintained by that Director. What are the RBI Regulation with regard to such transaction? Kindly clarify.

Posted by balasubramanian on Dec 20, 2018


Answer ID : 76194

As per FEMA Regulations, Company is prohibited from acceptance of loan from NRI, whether in Indian currency or Foreign Currency.

Posted by Rupakula Rajasekhar on Jan 12, 2019