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) Accounts [FCNR(B)] -Deposits

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....nt (External) Rupee Accounts [NR (E) RA/Foreign Currency Non Resident (Bank) Accounts [FCNR(B)] -Deposits RBI/2008-09/462 A. P. (DIR Series) Circular No. 66 April 28, 2009 To, All Category - I Authorised Dealer banks and Authorised Banks Madam/Sir, Foreign Exchange Management (Deposit) Regulations, 2000-Loans to Non Residents/third party against security of Non Resident (External) Rupee A....

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....ke artificial slicing of the loan amount to circumvent the ceiling. 2. As announced in Para 111 of the Annual Policy Statement 2009-10, it has been decided to enhance the existing cap of Rs.20 lakh to Rs.100 lakh on loans against security of funds held in NR(E)RA and FCNR(B) deposits either to the depositors or third parties. 3. Accordingly, the banks may now grant loans against NR(E)RA and FCNR....