FOREIGN EXCHANGE MANAGEMENT (BORROWING AND LENDING IN RUPEES) REGULATIONS, 2000Foreign Exchange Management (Borrowing And Lending In Rupees) Regulations, 2000
FOREIGN EXCHANGE MANAGEMENT (BORROWING AND LENDING IN RUPEES) REGULATIONS, 2000Foreign Exchange Management (Borrowing And Lending In Rupees) Regulations, 2000
Cross border rupee lending prohibition bars resident-to-nonresident rupee loans unless Reserve Bank permits them. No person resident in India shall borrow in rupees from, or lend in rupees to, a person resident outside India, subject to exceptions in the Act and ... Summary
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No person resident in India shall borrow in rupees from, or lend in rupees to, a person resident outside India, subject to exceptions in the Act and regulations. The Reserve Bank may permit cross border rupee borrowings or lendings for sufficient reasons. Use of a credit card in India by a person resident outside India is expressly not treated as borrowing or lending in rupees.
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