Foreign currency loans against FCNRB deposits restricted: prohibitions on relending, agricultural and real estate use apply. Foreign currency loans in India granted against the security of FCNR(B) deposits to account holders are subject to the same prohibitions as rupee loans against NRE/FCNR deposits, including bans on relending, agricultural or plantation activities, and investment in the real estate business; authorised dealers must inform their constituents and the directions are issued under the Foreign Exchange Management Act, 1999.
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.
Foreign currency loans against FCNRB deposits restricted: prohibitions on relending, agricultural and real estate use apply.
Foreign currency loans in India granted against the security of FCNR(B) deposits to account holders are subject to the same prohibitions as rupee loans against NRE/FCNR deposits, including bans on relending, agricultural or plantation activities, and investment in the real estate business; authorised dealers must inform their constituents and the directions are issued under the Foreign Exchange Management Act, 1999.
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