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Can resident indian borrow money from his foreign friend (not NRI) ?

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(Querist)
04 June 2023 one of my client is going through financial problem and one of his foreign friend ( citizen and resident of UAE) is ready to help him ?

amount is 40 lacs ?

my question is can he take 40 lacs in his account as loan from friend ?
if not then how can he take this amount ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 June 2023 See the link for more details.
https://www.fdi.finance/blog/borrowing-from-a-foreign-national-or-non-resident-indian/

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