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of <h1>RBI Permits Indian Companies to Offer Foreign Currency Loans to Overseas Branch Employees for Personal Use Under FEMA 1999.</h1> The Reserve Bank of India has issued a circular granting general permission to Indian companies to provide loans in foreign currency to employees of their branches outside India for personal purposes. This decision, aimed at liberalization and procedural simplification, aligns with the companies' Staff Welfare Scheme or Loan Rules applicable to both domestic and international staff. Previously, such loans required RBI approval as they were considered loans from residents to non-residents. The circular references amendments to earlier regulations under the Foreign Exchange Management Act (FEMA) 1999, and authorized dealers are instructed to inform relevant parties.
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