Continuance of rupee loan to a non-resident permitted subject to lender's commercial judgement and specified repayment channels. Authorised dealers or authorised banks may permit continuance of a Rupee loan or overdraft when the borrower becomes resident outside India if satisfied on commercial grounds; the continuance cannot exceed the originally fixed loan period; repayments while the borrower remains non-resident must be by inward remittance through normal banking channels or from the borrower's non-resident accounts (NRE/FCNR/NRO/NRNR/NRSR).
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.
Continuance of rupee loan to a non-resident permitted subject to lender's commercial judgement and specified repayment channels.
Authorised dealers or authorised banks may permit continuance of a Rupee loan or overdraft when the borrower becomes resident outside India if satisfied on commercial grounds; the continuance cannot exceed the originally fixed loan period; repayments while the borrower remains non-resident must be by inward remittance through normal banking channels or from the borrower's non-resident accounts (NRE/FCNR/NRO/NRNR/NRSR).
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