applicable section

This transaction may be considered as loan from director to the company.

Loan from director to the company is exempt from the deposit provisions u/s 58A under the acceptance of deposit rules, 1975. So there is no need to worry.

But remittance of money in india may be a problem from RBI perspective.

Views of othere learned members solicited.

Agreed wid the above view..

u have to check FEMA,1999 & rules made their under for remittance of foreign exchange.