Section 10   [ View Judgements ]

Continuance of rupee loan in the event of change in the residential status of the lender

In case a rupee loan was granted by a person resident in India to another person resident in India and the lender subsequently becomes a non-resident, the repayment of the loan by the resident borrower should be made by credit to the Non-resident Ordinary (NRO) or Non-resident Special Rupee (NRSR) account of the lender maintained with a bank in India, at the option of the lender

#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon