Loan from NRI Without RBI Approval ? Yes You Can Do So, But Beware of Certain Conditions !

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The are many instances when a person resident in India may seek loan from NRI reltaives. In fact lender  Non Resident Indian  may or may not be your relative.In fact many people have asked if laon from NRI firend can be taken without approval of RBI. Further , an Indian may require loan in foreign exchange or in rupee depending upon teh circumstances in which he requires loans. There were stringent laws on such loan transactions from a persons resident outside India , however in revent years Reserve Bank of India has liberalized the scheme of borrowing by Indians specially with respect to Non resident Indians or PIO.

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