Monthly Archives: December 2017

Loan amount advanced by PIOs cannot be remitted outside India

What are the pros and cons of sending Rs1 crore by PIO to my Indian parents for business as unsecured loan? —Sanjib Chakraborty A PIO can advance a loan to a “person resident in India” (not a business) from their NRO account after meeting the following conditions: a) The loan must be on a non-repatriation […]