Borrowing in Rupees on basis of guarantee issued by NRI Question : Can the Person resident outside India gave guarantee of a loan taken in Indian currency by resident in India from another person resident in India ? A person resident in India can borrow in Indian rupees from another person resident in India. Such loan can be guaranteed by a… Read More »
Trade Credits for imports into India Question : What is the meaning of trade credits ? Trade credit means foreign currency credit/loan extended for imports into India, by overseas supplier, bank and Financial Institution for original maturity of less than three years – Schedule III of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange)… Read More »
Foreign Currency loan Question: Whether the A person resident in India can borrow in foreign currency ? A person resident in India can raise foreign currency loans with permission of RBI. Provisions are prescribed in Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000. The borrowing in foreign exchange may be from an overseas… Read More »