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Power of AO to Grant Stay — Whether Discretionary or Controlled By the Instructions and Circulars
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April 2012

A.P. (DIR Series) Circular No. 95, dated 21- 3-2012 —Foreign Exchange Management (Deposit) Regulations, 2000 — Credit to Non- Resident (External) Rupee Accounts.

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Presently, an individual resident in India is permitted borrow up to US $ 250,000 or its equivalent from her/his close relatives outside India. The repayment of the said loan has to be by way of credit to the NRO account of the lender.

This Circular now permits repayment of such loans to be credited to the NRE/Foreign Currency Non- Resident (Bank) [FCNR(B)] account of the lender provided the loan was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to the NRE/FCNR(B) account of the lender and the lender is eligible to open NRE/ FCNR(B) account.

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April 2012

A.P. (DIR Series) Circular No. 95, dated 21- 3-2012 —Foreign Exchange Management (Deposit) Regulations, 2000 — Credit to Non- Resident (External) Rupee Accounts.

You May Also Like

Speed up the judicial system

Extension of time for filing PAN details for DIN (Allotment of Director’s Identification) under Companies Act, 1956.

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April 2012

A.P. (DIR Series) Circular No. 95, dated 21- 3-2012 —Foreign Exchange Management (Deposit) Regulations, 2000 — Credit to Non- Resident (External) Rupee Accounts.

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You May Also Like

Speed up the judicial system

Extension of time for filing PAN details for DIN (Allotment of Director’s Identification) under Companies Act, 1956.