Can a Partnership Firm borrow from non resident concern....if yes what is the procedure for that?
Ananthesh K R (-) (33 Points)
02 November 2011Can a Partnership Firm borrow from non resident concern....if yes what is the procedure for that?
RAMESH KUMAR VERMA
( CS PURSUING )
(43848 Points)
Replied 03 November 2011
https://www.rbi.org.in/scriptts/BS_FemaNotifications.aspx?Id=158
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 03 November 2011
Partnership Firm doesn,t qualify as a "Eligible Borrower" under the External Commercial Borrowing Scheme(ECB) Scheme , hence Partnership Firm can't take loan from Non-Resident Entity.
However trade credits are permitted.
Anuj
+91-9810106211
femaquery @ gmail.com
Ananthesh K R
(-)
(33 Points)
Replied 04 November 2011
Hello sir thank you for your information.... further i would also like to know whether an individual can take loan from foreign citizen... if yes what is the procedure.........
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7014 Points)
Replied 04 November 2011
Individual also can't take loan from a foreign citizen unless the other person is a "NRI" who is also a "close relative".
Anuj
+91-9810106211
femaquery @ gmail.com
CAclubindia
