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of <h1>RBI Allows Housing Loans in Indian Rupees for NRIs and PIOs Under Foreign Exchange Management Act, 1999.</h1> The Reserve Bank of India (RBI) has issued a circular under the Foreign Exchange Management Act, 1999, allowing authorized dealers and housing finance institutions approved by the National Housing Bank to provide housing loans in Indian rupees to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). These loans can be used for acquiring residential properties in India and for renovating, repairing, or improving existing residential accommodations owned by them. The circular directs authorized dealers to inform their relevant clients about these provisions. The directions are issued under specific sections of the Foreign Exchange Management Act, 1999.
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