Whether Foreign Exchange Management Act of India (FEMA) prohibits the Banks from extending financial assistance to person of foreign origin working in India on the work permit issued by the Ministry of Immigration. If not, under the circumstances can he avail of loan jointly with any indian national?
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I suspect banks in India are just as unwilling to lend money as are U.S. banks. You would have to be a very safe investment for banks to take a chance on you in today's climate.
