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October 2011

A.P. (DIR Series) Circular No. 19, dated 16-9-2011 — Repayment of loans of nonresident close relatives by residents.

By Gaurang Gandhi | Chartered Accountant

Reading Time 1 mins

Presently, a close relative, resident in India, can repay the housing loan availed by his Non-Resident Indian (NRI) relative.

This Circular permits a resident close relative (relative as defined in section 6 of the Companies Act, 1956), of the NRI to repay the loan availed by the NRI by crediting the borrower’s (NRI) loan account through the bank account of such relative.

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October 2011

A.P. (DIR Series) Circular No. 19, dated 16-9-2011 — Repayment of loans of nonresident close relatives by residents.

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A.P. (DIR Series) Circular No. 18, dated 16-9-2011 — Loans in Rupees by resident individuals to NRI close relatives.

A.P. (DIR Series) Circular No. 20, dated 16-9-2011 — Meeting of medical expenses of NRIs close relatives by Resident Individuals.

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October 2011

A.P. (DIR Series) Circular No. 19, dated 16-9-2011 — Repayment of loans of nonresident close relatives by residents.

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You May Also Like

A.P. (DIR Series) Circular No. 18, dated 16-9-2011 — Loans in Rupees by resident individuals to NRI close relatives.

A.P. (DIR Series) Circular No. 20, dated 16-9-2011 — Meeting of medical expenses of NRIs close relatives by Resident Individuals.