Third-party repayment by a relative permitted: relatives may credit borrowers' loan accounts through their bank accounts. Regulation 8(d) is amended to permit crediting of a borrower's loan account 'by any relative of the borrower in India by crediting the borrower's loan account through the bank account of such relative,' and defines 'relative' by reference to Section 6 of the Companies Act, 1956. The change explicitly authorises funds routed through a relative's bank account for the utilization of the loan under the Borrowing and Lending in Rupees Regulations.
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Third-party repayment by a relative permitted: relatives may credit borrowers' loan accounts through their bank accounts.
Regulation 8(d) is amended to permit crediting of a borrower's loan account "by any relative of the borrower in India by crediting the borrower's loan account through the bank account of such relative," and defines "relative" by reference to Section 6 of the Companies Act, 1956. The change explicitly authorises funds routed through a relative's bank account for the utilization of the loan under the Borrowing and Lending in Rupees Regulations.
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