Foreign Exchange Management (Deposit) Regulations, 2000 –Loans to Non Residents / third party against security of Non Resident (External) Rupee Accounts (NR (E) RA) / Foreign Currency Non Resident (Bank) (FCNR(B)) deposits
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Loans against NR(E)RA and FCNR(B) deposits: fresh or renewed loans barred above prescribed ceiling to limit asset price pressure. Banks maintaining NR(E)RA and FCNR(B) deposits are prohibited from granting fresh loans or renewing existing loans above a prescribed ceiling against such deposits to depositors or third parties, with immediate effect; banks must avoid artificial slicing to circumvent the ceiling and implement amendments to the Foreign Exchange Management (Deposit) Regulations, 2000 while observing other legal permissions.
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 NR(E)RA and FCNR(B) deposits: fresh or renewed loans barred above prescribed ceiling to limit asset price pressure.
Banks maintaining NR(E)RA and FCNR(B) deposits are prohibited from granting fresh loans or renewing existing loans above a prescribed ceiling against such deposits to depositors or third parties, with immediate effect; banks must avoid artificial slicing to circumvent the ceiling and implement amendments to the Foreign Exchange Management (Deposit) Regulations, 2000 while observing other legal permissions.
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