Here is what's needed to integrate your exported [Rules][1] component in a custom module:

    <?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;
    }
    ?>

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][1] 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 '<pre>';
	print_r($configs['rules_faircent_rules'] );

Refer to the articled "[Drupal 7 - Defining rules within a module using PHP][2]" for some more details.


  [1]: https://www.drupal.org/project/rules
  [2]: http://jamestombs.co.uk/2012-09-19/drupal-7-defining-rules-within-module-using-php