Foreign Exchange Management (Deposit) Regulations, 2000 –Loans to Non Residents / third party against security of Non Resident (External) Rupee Accounts (NR (E) RA) / Foreign Currency Non Resident (Bank) (FCNR(B)) deposits

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....y against security of Non Resident (External) Rupee Accounts (NR (E) RA) / Foreign Currency Non Resident (Bank) (FCNR(B)) deposits RBI/2006-2007/244 A.P. (DIR Series) Circular No. 29 January 31, 2007 To, All Category - I Authorised Dealer banks and Authorised Banks Madam / Sir, Foreign Exchange Management (Deposit) Regulations, 2000 -Loans to Non Residents / third party agains....

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....s observed that keeping in view the objective of making these facilities available to individual Non-Resident Indians (NRIs) and considering the prevailing monetary conditions, there is merit in avoiding upward pressure on asset prices in sensitive sectors through utilisation of this facility. Therefore, the banks are prohibited from granting fresh loans or renewing existing loans in excess of Rup....