Loans in rupees to NRI close relatives permitted subject to interest free, one year minimum maturity and specified usage and repayment conditions. Resident individuals may lend rupee loans to NRI/PIO close relatives by crossed cheque or electronic transfer if the loan is interest-free, has a minimum one-year maturity, is credited to the borrower's NRO account, is not remitted outside India, is used only for the borrower's personal or permitted business purposes in India (excluding activities prohibited for non-resident investment), and is repaid via inward remittance, debit to NRO/NRE/FCNR accounts, or sale proceeds of pledged assets.
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.
Loans in rupees to NRI close relatives permitted subject to interest free, one year minimum maturity and specified usage and repayment conditions.
Resident individuals may lend rupee loans to NRI/PIO close relatives by crossed cheque or electronic transfer if the loan is interest-free, has a minimum one-year maturity, is credited to the borrower's NRO account, is not remitted outside India, is used only for the borrower's personal or permitted business purposes in India (excluding activities prohibited for non-resident investment), and is repaid via inward remittance, debit to NRO/NRE/FCNR accounts, or sale proceeds of pledged assets.
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