Borrowing from Close Relatives Abroad

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....rised Dealers is invited to paragraph (iv) of the Schedule to Regulation 6 of Notification No.FEMA 3/2000-RB dated May 3, 2000 in terms of which an individual resident in India is allowed by Reserve Bank, on application, to borrow a sum not exceeding USD 2,50,000 or its equivalent in foreign exchange from a close relative resident outside India, subject to the conditions indicated therein. 2. W....

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....rcular to the notice of their constituents concerned. 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager Reserve Bank of India Exchange Control Department Central Office Mumbai 400 001. Notification No.FEMA/ 75 /2002-RB November 1, 2002 ....

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.... In Regulation 5, after sub-regulation (5), the following sub-regulation shall be added, namely : - '(6) An individual resident in India may borrow a sum not exceeding US$.250,000/- or its equivalent from his close relatives outside India, subject to the conditions that - the minimum maturity period of the loan is one year; the loan is free of interest; and the amount of loan is rec....