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of <h1>RBI Clarifies Rules on Foreign Currency Loans Against FCNR(B) Deposits; Restrictions Apply as per FEMA, 1999 Guidelines.</h1> The Reserve Bank of India issued a clarification regarding foreign currency loans to holders of FCNR(B) deposits. Authorized dealers can grant such loans against FCNR(B) deposit accounts, following guidelines from a previous circular. However, restrictions on granting rupee loans against NRE/FCNR deposits for relending, agricultural or plantation activities, or real estate investment also apply to these foreign currency loans. Dealers are instructed to inform relevant parties of these regulations. The directions are issued under the Foreign Exchange Management Act, 1999.
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