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
Filed Under
CORPORATE & OTHER LAWS
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
Answer ID :
76409
If the loan is received on a non repatriable basis, RBI regulation on ECB will not apply
Posted by
Shawn Jeff Christopher on
Mar 24, 2019