How to integrate an exported Rules component in a custom module?
Here is what's needed to integrate your exported Rules component in a custom module:

&lt;?php
function MY_MODULE_NAME_default_rules_configuration() {
  $configs = array();
  $rule = '{ "my_exported_rule" : {
    "LABEL" : "My Exported Rule",
    ...,
  }
}';
  $configs['my_exported_rule'] = rules_import($rule);
  return $configs;
}
?&gt;


So to use such exported Rule, you need to run it through the function rules_import(). This will change the exported Rule in a format that is  usable for the Rules module.

To reuse this example:


Replace MY_MODULE_NAME with the machine name of your module.
Replace the value used for $rule by the content of your exported rule.
Make sure to use the machine name of your rule (= my_exported_rule in my sample) as the key in $configs.


In the sample contained in the question, the machine name of the rule is rules_faircent_rules, though that is NOT what is used in the $configs ... Therefor I think you should correct your code like so:

$configs['rules_faircent_rules'] = rules_import($rule);
echo '&lt;pre&gt;';
print_r($configs['rules_faircent_rules'] );


Refer to the articled "Drupal 7 - Defining rules within a module using PHP" for some more details.