Grant of rupee loans to NRIs allowed with board-approved policies; repayment via NRE/FCNR/NRO or inward remittances. Authorised Dealers may grant rupee loans to NRIs against acceptable security under bank board-approved policy, with loan quantum, interest rate and margins decided by the Authorised Dealer per banking directives; repayments may be made from NRE/FCNR/NRO accounts or inward remittances. Proceeds must not be used for prohibited activities including chit funds, nidhi companies, agricultural/plantation activities, real estate business or farm houses, trading in transferable development rights, or capital market investments including margin trading and derivatives.
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.
Grant of rupee loans to NRIs allowed with board-approved policies; repayment via NRE/FCNR/NRO or inward remittances.
Authorised Dealers may grant rupee loans to NRIs against acceptable security under bank board-approved policy, with loan quantum, interest rate and margins decided by the Authorised Dealer per banking directives; repayments may be made from NRE/FCNR/NRO accounts or inward remittances. Proceeds must not be used for prohibited activities including chit funds, nidhi companies, agricultural/plantation activities, real estate business or farm houses, trading in transferable development rights, or capital market investments including margin trading and derivatives.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
