is it illicit in india to fund one’s investments from loans from friends?
No it isn’t, but like I just answered here yesterday
P2P is licit and regulated in india by RBI. So no issues when dealing with it.
what im concerned about is borrowing money directly from friends and extended family (those who are outside the legal definition of family) to invest. The new ordinance banning ‘Unregulated Deposit Schemes’ seems to ban borrowing from friends and extended family.
There was clarity on the unregulated deposit scheme, it is against loan sharks etc who do it professionally.
ahh. then it’s okay.
I think in your way of doing business it will simply repeat usual ordinary peer to peer credits, cause there should be some limit of that loans on family members and that’s it. And who do you call for example extended family or something like that ?