Loans against India Millennium Deposits permitted in non repatriable rupees subject to RBI security, purpose and tenure conditions. Authorised dealers may grant loans in non repatriable rupees to India Millennium Deposit holders, provided loans are fully secured by the deposits and accrued interest, comply with RBI conditions on margin and interest, do not exceed the deposits' unexpired maturity, and are repaid from remittances, deposit maturity proceeds, or funds held in India; NRIs may obtain such loans for immovable property acquisition under foreign exchange regulations; foreign currency loans against IMDs are prohibited.
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 against India Millennium Deposits permitted in non repatriable rupees subject to RBI security, purpose and tenure conditions.
Authorised dealers may grant loans in non repatriable rupees to India Millennium Deposit holders, provided loans are fully secured by the deposits and accrued interest, comply with RBI conditions on margin and interest, do not exceed the deposits' unexpired maturity, and are repaid from remittances, deposit maturity proceeds, or funds held in India; NRIs may obtain such loans for immovable property acquisition under foreign exchange regulations; foreign currency loans against IMDs are prohibited.
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