Nro to nre, loan against nre fd

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CA Kunjan - www.canaresh.com (Querist)
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16 December 2015 an nri has an fd in nre account against which he wants a loan from same bank. this loan he wants to transfer to take it abroad for his personal purposes.

i feel besides nil tax 15ca/15cb (as money to be repatriated are loan against nre fd only), just a simple A2 form will suffice being loan to nri.

is it correct :- can a loan against nre fd can be taken abroad? banker himself is not sure. :)

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 December 2015 If you take a rupee overdraft, it won't repatriable outside India.

just check one thing. Does this bank has a branch outside India. If yes, then ask the NRI to take FX loan against NRE deposit from the foreign branch of the same bank. that obviates all the problems you are facing.

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