https://www.taxtmi.com/notifications?id=25359 The amendment adds definitions for Liberalised Remittance Scheme and relative and inserts Regulation 7A allowing a borrower's relative in India to repay a loan to a non-resident by crediting the borrower's loan account through the relative's bank account. Regulation 8B permits resident individuals to grant interest-free rupee loans to NRI relatives by crossed cheque/electronic transfer subject to a minimum one-year maturity, adherence to the lender's Liberalised Remittance Scheme limit, restricted end-uses excluding specified prohibited activities, credit to the borrower's NRO account, prohibition on outward remittance of the loan amount, and specified inward-remittance or account-debit repayment routes. en-us Tue, 25 Sep 2012 00:00:00 +0530 Fri, 11 Jan 2013 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=25359 The amendment adds definitions for Liberalised Remittance Scheme and relative and inserts Regulation 7A allowing a borrower's relative in India to repay a loan to a non-resident by crediting the borrower's loan account through the relative's bank account. Regulation 8B permits resident individuals to grant interest-free rupee loans to NRI relatives by crossed cheque/electronic transfer subject to a minimum one-year maturity, adherence to the lender's Liberalised Remittance Scheme limit, restricted end-uses excluding specified prohibited activities, credit to the borrower's NRO account, prohibition on outward remittance of the loan amount, and specified inward-remittance or account-debit repayment routes. Notifications FEMA Tue, 25 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/notifications?id=25359