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Foreign director

This query is : Resolved 
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(Querist)
17 February 2013 Can a private limited company take loan from foreign director?
If yes, what are the rbi / fema compliance to be done?
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Ajay Mishra

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Ajay Mishra (Expert)
17 February 2013 Hi

Yes, you can take loan from Foreign director.

After receiving you will Intimate the same through Authorised dealer.

Firstly you contact your Authorised dealer ( Bank) to receive the same.
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
18 February 2013 The loan from Foreign director can be received only when the prescribed conditions under ECB are fulfilled.


Anuj
femaquery@gmail.com
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ankit doshi

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ankit doshi (Querist)
18 February 2013 Thanks a lot for reply... One more doubt to confirm,
what if foreign director buys machinery on his name and send it to INDIA, can i show the purchase amount of machinery as unsecured loan??
Where to report such transaction??
Plz guide..
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