Foreign exchange borrowing and lending restrictions bar persons resident in India, subject to permission and credit-card exception. Borrowing and lending restrictions generally bar a person resident in India from borrowing or lending foreign exchange with persons resident in India or ... Summary
Foreign exchange borrowing and lending restrictions bar persons resident in India, subject to permission and credit-card exception.
Borrowing and lending restrictions generally bar a person resident in India from borrowing or lending foreign exchange with persons resident in India or outside India. They also bar borrowing rupees from, or lending rupees to, persons resident outside India. Reserve Bank may, for sufficient reasons, permit transactions otherwise covered by these restrictions. Qualifying credit-card use is not treated as borrowing or lending in rupees or foreign exchange.
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