Can Rupee loans be taken against NRE/FCNR deposits in India by the depositor himself?
A14. Yes. Q15. For what purpose can these loans be taken? A15. 1) For personal purposes or for carrying on business activities 2) For direct investment in India on non repatriation basis by way of contribution of the capital of India firms / companies 3) For acquisition of a flat / house in India for own residential use. Q16. Are there any prohibitions for the purpose for which the loan is taken? A16 The loan cannot be used for the purpose of re-lending, carrying on agriculture or plantation activities or for investment in real estate business. Q17 Can a loan be given to third parties in India on the security on NRE/FCNR deposits? A17. Yes. Q18. Can loans be taken abroad against the security of these deposits by the depositor? A18. Yes. Q19. Can the loans be taken abroad by third parties against the security of these deposits? A19. Yes. Q20. Can foreign currency loans be availed by third parties in India against the security of NRE/FCNR deposits? A20. No. Q21. On permanent return to In
Related Questions
- Can Rupee loans be taken against NRE/ FCNR deposits in India by the depositors himself or to third parties and for what purpose?
- Can the investment income on investment out of loans / over draft against the securities of NRE / FCNR deposits be repatriated ?
- Can Rupee loans be taken against NRE/FCNR deposits in India by the depositor himself?
