Foreign creditor

A foreign company is a creditor of indian pvt. co. and that creditor is more than a year ago. Are there any guidelines in FEMA regarding the time limits within which the foreign creditors are to be paid. (i dont think it has any connection with ECB)

Pls reply and also let me know what are the relevant rules and regulations.

Replies (1)
Normally it has to be paid in 180 days so that the transaction remains a current account transaction If it is no longer payable then the brief note to that effect is produced (with proper justification) to AD

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