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November 2012

A. P. (DIR Series) Circular No. 44 dated 12th October, 2012

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Foreign Exchange Management (Deposit) Regulations, 2000 – Loans to Non Residents/third parties against security of Non Resident (External) Rupee Accounts [NR(E)RA]/Foreign Currency Non Resident (Bank) Accounts [FCNR (B)] Deposits

Presently, banks are permitted to grant loans in Indian rupees/foreign currency against NRE/FCNR(B) deposits to the deposit holder/third party up to Rs. 100 lac.

This circular has removed the ceiling of Rs. 100 and provides for grant of loans without any ceiling, subject to appropriate margin requirements. Loans will include all types of fund bases as well as nonfund based facilities. The table reads as follows: –

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