Is there any restriction for Indian Company to borrow fund from NRI who is a director of a company?
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Loan from nri
Replies (4)
No there is No restriction
But director has to give a declaration that he is giving loan out of his income not from borrowed fund.
Refer Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations 2000 and Master Direction 5/2015-16 issued by RBI.
mainly these are known as ECB Guidelines i.e. External Commercial Borrowings
He is the Director of the Company and not a foreigner but he is a NRI is ECB applicable?
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