Borrowing from close relatives abroad allowed subject to one year minimum maturity, interest free terms and normal banking receipt. An individual resident may borrow from close relatives outside India subject to RBI permission up to the prescribed foreign currency ceiling, provided the loan has a minimum maturity of one year, is interest free, and the amount is received by inward remittance in free foreign exchange through normal banking channels or by debit to the non resident lender's NRE/FCNR(B) account; 'close relative' follows the Companies Act definition.
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.
Borrowing from close relatives abroad allowed subject to one year minimum maturity, interest free terms and normal banking receipt.
An individual resident may borrow from close relatives outside India subject to RBI permission up to the prescribed foreign currency ceiling, provided the loan has a minimum maturity of one year, is interest free, and the amount is received by inward remittance in free foreign exchange through normal banking channels or by debit to the non resident lender's NRE/FCNR(B) account; "close relative" follows the Companies Act definition.
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