Dear Friends,
I have one query regardinf FEMA. If person X from India want to borrow from his friend Y who is in Dubai ,Rs 1000000 then in that case whether compalince under FEMA is required and what compalince will be required.
Thanks in advance.
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Fema query
Replies (2)
According to me the approval will be required from RBI. A Regulation to substantiate the same is attached. Kidly check for updates. Other views are solicited.
Regards,
Vivek
Hello,
This is not allowed or premitted under FEMA. This will be regarded as ECB.(External Commercial Borrowings).
As per recent master circular ,Individuals, Trusts and Non-Profit making organizations are not eligible to raise ECB.
Regards
R.V.Seckar
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