Rupee loans to Non-Resident Indian by Resident

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.... cheque/electronic transfer: Provided that: (i) the loan is free of interest and the minimum maturity of the loan is one year; (ii) the loan amount should be within the overall limit under the Liberalised Remittance Scheme per financial year available for a resident individual. It would be the responsibility of the lender to ensure that the amount of loan is within the l....

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....ction of residential/commercial premises, roads or bridges. (v) The loan amount should be credited to the NRO a/c of the NRI/PIO. Credit of such loan amount may be treated as an eligible credit to NRO a/c; (vi)  the loan amount shall not be remitted outside India; and (vii) repayment of loan shall be made by way of inward remittances through normal banking channels ....