Repayment of loans of Non-resident close relatives by residents.

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..... the FEMA Notification No.4/2000- RB dated May 3, 2000 viz. Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 , as amended from time to time, in terms of which the housing loan provided to a non-resident Indian or a person of Indian origin resident outside India by an authorised dealer or a housing finance institution in India approved by the National Housing Bank f .....

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..... been decided that where an authorised dealer in India has granted loan to a non-resident Indian in accordance with Regulation 7 of the Notification No. FEMA 4/2000-RB , ibid, such loans may also be repaid by resident close relative (relative as defined in Section 6 of the Companies Act, 1956 ), of the Non-Resident Indian by crediting the borrower's loan account through the bank account of such .....

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