Prohibition on borrowing or lending in foreign exchange: residents barred except where law allows or RBI grants permission. Prohibition on borrowing or lending in foreign exchange restricts residents of India from engaging in foreign currency borrowings or lendings with persons resident in or outside India, subject only to exceptions expressly provided by the Act, Rules or Regulations and to discretionary permission granted by the Reserve Bank for sufficient reasons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Prohibition on borrowing or lending in foreign exchange: residents barred except where law allows or RBI grants permission.
Prohibition on borrowing or lending in foreign exchange restricts residents of India from engaging in foreign currency borrowings or lendings with persons resident in or outside India, subject only to exceptions expressly provided by the Act, Rules or Regulations and to discretionary permission granted by the Reserve Bank for sufficient reasons.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
