If i want to take loan from my friend from out side india (with leagal permission)kindly tell me the procedure.
Asked on 3/25/12, 6:26 am
5 Answers from Attorneys
Sanjay Kalra
Sanjay Kalra & Associates
You dont need any permission from any authority for taking loan from anyone .
Answered on 3/26/12, 12:00 am
Stalin Selvamani
S & P Law Associates
Yes you can get a loan as it is legally permissible. IF it for a heavy amount then get a loan paper signed between the parties to avoid complications.
Answered on 3/26/12, 12:56 am
Dear All,
I think as the money is coming in as borrowing from abroad into India , it would fall under the category of external commercial borrowing or borrowing in foreign exchange which is regulated by RBI and a permission is to be obtained from RBI.
regards '
Answered on 3/26/12, 2:15 am
RAJIV GUPTA
(Cell: +91 9811284735) lawnrajiv@gmail.com
i agree with Mr. Jeevesh. your loan transaction need to conform to RBI guidelines.
Answered on 3/26/12, 2:41 am
Jayesh Desai
Jayesh Desai
You need permission from RBI. Go to RBI web site, it has all the relevant information.
Answered on 3/27/13, 9:10 am
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