1.Can an individual utilise the forex ( received as a gift from an NRI relative) for his business use?
2. An individual can receive an interest free rupee loan from a NRI friend in the form of inward remittance, to be repaid into his NRO / NRSR account within 3 yrs. please confirm and are there any fomalities to be completed for the same. Also a further complication, is can the money be returned by another person as due to a dispute the person did not repay the amount concerned.
Notification No.FEMA 4 /2000-RB dated 3rd May 2000
