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FEMA & RBI

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(Querist)
23 May 2008 Whether a NRI Can transferred any amount of Dollars through official banking Channel to his NRO A/c ? or is there any Limit? 2Nd question is , Whether he is lend this money say Rs.45 Lacs to any person without previous permission of RBI? Can he lend money to his friend and earn interest in India?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
02 October 2008 1.There is no limit to trnsfer to NRO account.
2.He can lend money from NRO account without permission from RBI.
3.Yes,he can earn interest on money lent from NRO account. Such amount of interest is suject to tax laws of India.
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