NRI borrowing

This query is : Resolved

Udaya Kishore (Querist)
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21 September 2020 Sir,
A resident of India wants to borrow an amount from his NRI relative. Please clarify the following points
1 Whether RI can borrow from NRI relative
2 How to repay in foreign currency. Repatiation is permitted ?
3 Are there any conditions or permissions to borrow
4 Whether the NRI has to send money from there or by debit to his account in India ( NRE / NRO)
5 The amount is required for the education of his son

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 September 2020 A loan in foreign exchange can also be taken by resident Indians from their close NRI relatives. However, such loan cannot exceed US$ 2,50,000. The loan taken should be free of interest. The minimum period of repayment should be seven years. The loan should be utilized for borrowers’ personal use. The loan cannot be used to buy immovable property or for investment in shares and debentures or for re-lending.
1 yes.
2 yes.
3 Take permission from RBI.
4 Can be paid from NRO account no RBI permission required.
5 It's allowed borrowing.

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