For what purpose loan cannot be taken
Question: For what purpose loan cannot be taken?
Raju Kanumuri: The loan cannot be used for the purpose of relending, carrying on agricultural / plantation activities or for investment in real estate business. Also, the loan amount cannot be remitted abroad.
Q: Do NRIs who have an account need to open another NRE/NRO account? Can the account be a joint account?
A: As per recent RBI guidelines, NRI should have a separate bank account exclusively for PIS purposes. Transactions relating to their personal banking as well as on account of transactions relating to...
Q: What is the maximum amount that can be received in cash by the beneficiary?
A: The maximum amount that can be received in cash is Rs. 50,000. In case the amount of remittance exceeds Rs. 50,000, the full amount will be paid by way of Pay Order or by directly crediting the...
Q: What is the maximum amount that can be remitted?
A: Any single remittance should not exceed USD 2500 or its equivalent. Also, the number of remittances to a single individual should not be more than 30 in a year
Q: What type of remittances are permitted under the money transfer service?
A: Only personal remittances towards family maintenance and remittances favoring foreign tourists visiting India are permitted under this scheme. Trade-related remittances, remittances towards the...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.