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of <h1>Foreign Exchange Transactions Restricted: Residents Limited in Borrowing and Lending Across Borders Under Regulatory Guidelines</h1> The regulation prohibits residents in India from borrowing or lending in foreign exchange or rupees with persons resident in or outside India, with exceptions. The Reserve Bank retains discretionary power to permit such transactions for sufficient reasons. Credit card usage by residents and non-residents in respective jurisdictions is not considered borrowing or lending under this provision.
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