FOREIGN EXCHANGE MANAGEMENT (BORROWING AND LENDING IN RUPEES) REGULATIONS, 2000Foreign Exchange Management (Borrowing And Lending In Rupees) Regulations, 2000
FOREIGN EXCHANGE MANAGEMENT (BORROWING AND LENDING IN RUPEES) REGULATIONS, 2000Foreign Exchange Management (Borrowing And Lending In Rupees) Regulations, 2000
Rupee loans to NRI/PIO employees: corporates may grant personal loans if credited to NRO account and repaid from abroad. A body corporate in India may grant rupee loans to NRI or PIO employees only for personal purposes including housing and in accordance with the lender's ... Summary
Rupee loans to NRI/PIO employees: corporates may grant personal loans if credited to NRO account and repaid from abroad.
A body corporate in India may grant rupee loans to NRI or PIO employees only for personal purposes including housing and in accordance with the lender's Staff Welfare/Staff Housing Loan Scheme and terms applicable to resident staff. The lender must ensure loan funds are not used for prohibited end uses, credit the amount to the borrower's NRO account (or indicate so on the payment instrument), and include a term requiring repayment solely by remittance from abroad or from the borrower's NRE, NRO or FCNR account; repayments from other sources are not permitted.
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