Legal Question in Business Law in India
If i want to take loan from my friend from out side india (with leagal permission)kindly tell me the procedure.
5 Answers from Attorneys
You dont need any permission from any authority for taking loan from anyone .
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.
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 '
i agree with Mr. Jeevesh. your loan transaction need to conform to RBI guidelines.
You need permission from RBI. Go to RBI web site, it has all the relevant information.
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