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of <h1>Master Direction on rupee borrowing and lending between residents and NRIs/PIOs: routes, uses, caps, repayment rules</h1> Master Direction consolidates rules for rupee borrowing and lending between persons resident in India and non-resident Indians/persons of Indian origin, specifying two borrowing routes (for non-company residents and for companies via NCDs), permissible uses (own business excluding specified real estate/forbidden activities), interest and tenure caps, repatriation/non-repatriation requirements, funding and repayment modalities (inward remittance or specific non-resident accounts), reporting obligations for issuers, conditions for authorised dealers and housing finance institutions lending to NRIs/PIOs (including ESOP and employee loans), resident-to-NRI loans, change-of-status treatment, and overdraft limits for overseas branches.
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