Repayment to NRE accounts permitted where original loan was inward remittance and lender is eligible for NRE/FCNR(B) status. Repayment of loans from close relatives outside India may be credited to the lender's NRE or FCNR(B) account only if the original loan to the resident was by inward remittance through normal banking channels or by debit to the lender's NRE/FCNR(B) account and the lender is eligible to open such accounts; such credit will be treated as an eligible credit to NRE/FCNR(B) accounts under Para 3(j) of Schedule 1 read with Para 5 of Schedule 2 of the Deposit Regulations.
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.
Repayment to NRE accounts permitted where original loan was inward remittance and lender is eligible for NRE/FCNR(B) status.
Repayment of loans from close relatives outside India may be credited to the lender's NRE or FCNR(B) account only if the original loan to the resident was by inward remittance through normal banking channels or by debit to the lender's NRE/FCNR(B) account and the lender is eligible to open such accounts; such credit will be treated as an eligible credit to NRE/FCNR(B) accounts under Para 3(j) of Schedule 1 read with Para 5 of Schedule 2 of the Deposit Regulations.
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