Foreign citizen lend money ?

Querist : Anonymous (Querist) 26 January 2012 This query is : Resolved
can a foreign citizen lend money in india wihout money lending license? can he lend based on promissory note?

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Raj Kumar Makkad (Expert) 27 January 2012
No. Such persons are not allowed to do their business without specific authorization.

Querist : Anonymous (Querist) 27 January 2012
thank you sir

Advocate. Arunagiri (Expert) 27 January 2012
The foreigner is doing it as a business, he needs a license. He can lend to his friend or relative in India as a hand loan for which license is not required..