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Foreign Currency Loans in India to holders of FCNR(B) Deposits
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....ia to holders of FCNR(B) Deposits Attention of authorised dealers is invited to sub-regulation 1(v) of regulation 4 of Reserve Bank Notification No.FEMA.3/2000-RB dated May 3, 2000 in terms of which a branch outside India of an authorised dealer is empowered to extend foreign currency loans against the security of funds held in NRE/FCNR deposit accounts maintained in accordance with the Foreign E....
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.... to above is being issued separately. 4. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 5. The directions contained in the circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager ANNEXURE [A.P. (DIR Series) Circula....