Can a Partnership Firm borrow from non resident concern....if yes what is the procedure for that?
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External borrowings
Replies (4)
https://www.rbi.org.in/scriptts/BS_FemaNotifications.aspx?Id=158
Partnership Firm doesn,t qualify as a "Eligible Borrower" under the External Commercial Borrowing Scheme(ECB) Scheme , hence Partnership Firm can't take loan from Non-Resident Entity.
However trade credits are permitted.
Anuj
+91-9810106211
femaquery @ gmail.com
Hello sir thank you for your information.... further i would also like to know whether an individual can take loan from foreign citizen... if yes what is the procedure.........
Individual also can't take loan from a foreign citizen unless the other person is a "NRI" who is also a "close relative".
Anuj
+91-9810106211
femaquery @ gmail.com
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