Urgent: loan from a nri friend in need

Sir, 

 

Call to discuss as I need to know certain facts before I can answer this question....

 

Warm Regards 

Kapil Chandna Advocate 

9899011450

Hello,
 I recoverd that Mr Steven Josh is a loan lender, i want to use this medium to reach any one who sees this post. I was in need of a loan of 60000euro to pay off my bills and I got the loan from is loan company Mr Steven Josh loan help.. so I will advise you if you are in need of a loan you have to contact them now via email: stevenjoshloanfirm @ gmail.com

Aufmerksamkeit. Sie benötigen dringend Darlehen? Wir geben Darlehen an interessierte Einzelpersonen, die auf der Suche nach Darlehen mit guten Glaubens und mit dem Zinssatz von 3%. Sind sie ernsthaft in der Notwendigkeit einer dringenden Darlehen? Dann sind Sie hier an der richtigen Stelle. Wir geben aus Darlehen, persönliche Darlehen, Darlehen, und so weiter. Kontaktieren Sie uns für Ihr Darlehen beantragen, um Ihre Nachfrage und aus finanziellen Problem. Wenden Sie sich noch heute an uns per E-Mail: Jaysonloanfirm @ gmail.com Dank als Wir freuen uns auf Ihre Antwort.

Ricky, 

You need to decide whether you want to keep it as a loan transaction or a gift transction. FEMA is the applicable regulation in this case. FEM (Borrowing and Lending in Rupees) Regulation allows NRI to lend money to a resident in India.In my view, since the substance of transaction is that of loan, you should treat it as a loan transaction.  

If it is a loan transaction, the provisions are contained in Reg. 4 of FEM (Borrowing and Lending in Rupees) Regulation which requires the following: 

1. Loan has to be on a non-repatriation basis - this means, you cannot remit money received from your NRI friend outside India - at best, you can credit it back to his NRO account. Pl. check if your friend is OK with this
2. Period of loan cannot exceed 3 years
3. Rate of interest max. 2% over prevailing bank rate. 

On your question on XOOM, it is one of the well known and recognised online money transfer services and a clear fund trail is evident from your friend's account to your account so it should not be a problem. I advise you to create a formal loan agreement evidencing the terms in line with above FEMA requirements. Also, ensure that funds being transferred are genuine tax paid funds - in case of a scrutiny assessment on you, your friend may be asked to explain genuineness of those funds. 

If you treat the transaction as gift, it is a grey area - in my view, trnasfer from an account outside India directly to your account will not be a problem but please take second opinion. Also execute a proper gift deed on plain paper evidencing the mutual intention. 

Thanks!

 

Ricky, 

You need to decide whether you want to keep it as a loan transaction or a gift transction. FEMA is the applicable regulation in this case. FEM (Borrowing and Lending in Rupees) Regulation allows NRI to lend money to a resident in India.In my view, since the substance of transaction is that of loan, you should treat it as a loan transaction.  

If it is a loan transaction, the provisions are contained in Reg. 4 of FEM (Borrowing and Lending in Rupees) Regulation which requires the following: 

1. Loan has to be on a non-repatriation basis - this means, you cannot remit money received from your NRI friend outside India - at best, you can credit it back to his NRO account. Pl. check if your friend is OK with this
2. Period of loan cannot exceed 3 years
3. Rate of interest max. 2% over prevailing bank rate. 

On your question on XOOM, it is one of the well known and recognised online money transfer services and a clear fund trail is evident from your friend's account to your account so it should not be a problem. I advise you to create a formal loan agreement evidencing the terms in line with above FEMA requirements. Also, ensure that funds being transferred are genuine tax paid funds - in case of a scrutiny assessment on you, your friend may be asked to explain genuineness of those funds. 

If you treat the transaction as gift, it is a grey area - in my view, trnasfer from an account outside India directly to your account will not be a problem but please take second opinion. Also execute a proper gift deed on plain paper evidencing the mutual intention. 

Thanks!

Ricky, 

You need to decide whether you want to keep it as a loan transaction or a gift transction. FEMA is the applicable regulation in this case. FEM (Borrowing and Lending in Rupees) Regulation allows NRI to lend money to a resident in India.In my view, since the substance of transaction is that of loan, you should treat it as a loan transaction.  

If it is a loan transaction, the provisions are contained in Reg. 4 of FEM (Borrowing and Lending in Rupees) Regulation which requires the following: 

1. Loan has to be on a non-repatriation basis - this means, you cannot remit money received from your NRI friend outside India - at best, you can credit it back to his NRO account. Pl. check if your friend is OK with this
2. Period of loan cannot exceed 3 years
3. Rate of interest max. 2% over prevailing bank rate. 

On your question on XOOM, it is one of the well known and recognised online money transfer services and a clear fund trail is evident from your friend's account to your account so it should not be a problem. I advise you to create a formal loan agreement evidencing the terms in line with above FEMA requirements. Also, ensure that funds being transferred are genuine tax paid funds - in case of a scrutiny assessment on you, your friend may be asked to explain genuineness of those funds. 

If you treat the transaction as gift, it is a grey area - in my view, trnasfer from an account outside India directly to your account will not be a problem but please take second opinion. Also execute a proper gift deed on plain paper evidencing the mutual intention. 

Thanks!

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