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BORROWINGS BY NON-RESIDENT INDIAN INDIVIDUALS
Under which regulation do NRIs borrow funds in foreign currency from close relatives resident in India?
NRIs can borrow in foreign currency from close relatives resident in India under the Foreign Exchange Management (Borrowing and Lending) Regulations. The loan must be interest-free and for a minimum maturity of one year.
Under which FEMA schedule are NRI borrowings from resident close relatives regulated?
Schedule I of Foreign Exchange Management (Borrowing and Lending) Regulations.
What is the maximum amount an NRI can borrow in rupees from a resident individual who is a close relative?
An NRI can borrow up to Rs. 25 lakh in Indian rupees from a close relative who is a resident individual. The borrowing must be on a non-repatriation basis.
What is the maximum repayment period allowed for a foreign currency loan given by a resident to an NRI relative?
The loan must be repaid within one year.
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