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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Permits Loan Repayments to NRE/FCNR(B) Accounts for Loans from Relatives Abroad Under FEMA Regulations.</h1> The Reserve Bank of India has decided that Authorized Dealer Category-I banks may allow the repayment of loans borrowed by Indian residents from their close relatives abroad to be credited to the Non Resident (External) Rupee (NRE) or Foreign Currency Non-Resident (Bank) [FCNR(B)] accounts of the lenders. This is conditional upon the loan being extended via inward remittance in foreign exchange through normal banking channels or debited from the lender's NRE/FCNR(B) account. The lender must be eligible to open such accounts under the Foreign Exchange Management (Deposit) Regulations, 2000. This directive is issued under the Foreign Exchange Management Act, 1999.
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