Borrowing from close relatives abroad allowed subject to minimum maturity, interest-free terms, and permitted receipt channels. Resident individuals may borrow from close relatives abroad subject to conditions: minimum one-year maturity, interest-free, and receipt by inward remittance in free foreign exchange through normal banking channels or by debit to the non-resident lender's NRE/FCNR account; 'close relative' adopts the definition in Section 6 of the Companies Act, 1956. The amendment also omits the Schedule clause titled 'Scheme for raising loans from NRIs on repatriation basis.'
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Borrowing from close relatives abroad allowed subject to minimum maturity, interest-free terms, and permitted receipt channels.
Resident individuals may borrow from close relatives abroad subject to conditions: minimum one-year maturity, interest-free, and receipt by inward remittance in free foreign exchange through normal banking channels or by debit to the non-resident lender's NRE/FCNR account; 'close relative' adopts the definition in Section 6 of the Companies Act, 1956. The amendment also omits the Schedule clause titled 'Scheme for raising loans from NRIs on repatriation basis.'
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