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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Loan Cap Raised for NR(E)RA and FCNR(B) Deposits; No Ceiling on Loans, Subject to Margin Requirements.</h1> The circular addresses authorized banks regarding loans against Non-Resident (External) Rupee Accounts (NR(E)RA) and Foreign Currency Non-Resident (Bank) Accounts (FCNR(B)) deposits. It highlights the enhancement of the loan cap from Rs. 20 lakh to Rs. 100 lakh, as per a previous circular. Following recommendations from a review committee, banks can now sanction loans in India or abroad without a ceiling, subject to margin requirements. Premature withdrawal of deposits is prohibited if loans are availed. Existing non-compliant loans will continue without renewal. These instructions are effective immediately under the Foreign Exchange Management Act, 1999.
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