As LLP is modern type of Partnership and must have minimum two partners to run business. LLP Must have one Indian resident partner and second can be Appointed as Foreign National / NRI Partner in LLP. It can be noted that the regulation refers to two terms 'Person' and “person resident in India Resident of India can only borrow money in Indian rupees from NRIs. The conditions under which he/she can borrow are: Borrowing shall be only on a non-repatriation basis. This means that funds once given cannot be taken back.
CAclubindia
