Before this change, NRIs could advance loans but on an interest-free. This deterred many NRIs from lending money to Indian firms or individuals. In another condition, the RBI has said that the amount of loan should not utilised by the borrower for the purpose of carrying onagricultural/plantation activities, purchase of immovable property shares, debentures, bonds or for re-lending. The RBI had in March simplified rules applicable to certain financialand investment transactions undertaken by NRIs, persons of Indian origin and overseas corporate bodies (OCB). The central bank gave general permission to domestic mutual funds for seeking investments from NRIs/PIOs/OCBs on repatriation/non-repatriation basis apart from allowing Indian companies to accept deposits from them on a repatriation basis. It also gave general permission to NRIs to invest in air taxi operations and allowed then to sell their shares acquired by them under the direct investment scheme on the stock exchanges. NRIs were also given permission to transfer by way of gift of immovable property held by them to charitable trusts and organisations in India.