Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Bikash Chapagain (Audit Assistant)     23 February 2014

Fema-199, liberalised remittance scheme

 FEMA-1999.
 
Under Liberalised Remittance Scheme it has been said that Resident can remit upto US$ 75000 per annum those permissible current account transactions and capital account Transactions or combination of  both . 
 
  Mine issue is as regard Lending of loan by resident to NRI / PROI. It has been said in RBI FAQS that resident can lend upto the limit of LRS provided the other given condition as regard loan are fullfilled and such lending should be for meeting the business or other requirement of borrower in India and also it has been said that such loan amount can't be remitted outside India? 
 
Now mine query is can't the Person resident in India lend loan to NRI / PROI or even to foregin national for there use abroad?? wont this transactions be under the  coverage of liberalised remittance scheme??   


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