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Fema

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(Querist)
06 March 2013 Please let me know whether an Indian Company can take loan from his Director who is NRI or any RBI approval is required for it?What will be the reporting requirements in this case?

What will be situation if Loan has been given by Director from his NRO Account?
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vignesh

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vignesh (Expert)
07 March 2013 Dear Monika Mahawar,

The Loan from NRI director or Foreign Director is treated as ECB. Kindly follow the ECB guidelines.
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monika mahawar

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monika mahawar (Querist)
07 March 2013 Thanks.....

Kindly let me know whether reporting is required if loan has been given from NRO Account.

In ECB guidelines where it is mentioned that Director is eligible lender?
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