Rupee loans to NRI/PIO employees allowed subject to staff-scheme parity and mandatory NRO credit plus remittance-only repayment. Insertion permits Indian incorporated bodies to grant rupee loans to NRI or PIO employees for personal purposes, including housing, provided loans follow the lender's staff welfare/housing loan schemes and resident-staff terms; loan proceeds must not be used for specified disallowed purposes; proceeds must be credited to the borrower's NRO account; and repayment must be by remittance from abroad or from the borrower's NRE/NRO/FCNR accounts, with lenders prohibited from accepting other sources.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rupee loans to NRI/PIO employees allowed subject to staff-scheme parity and mandatory NRO credit plus remittance-only repayment.
Insertion permits Indian incorporated bodies to grant rupee loans to NRI or PIO employees for personal purposes, including housing, provided loans follow the lender's staff welfare/housing loan schemes and resident-staff terms; loan proceeds must not be used for specified disallowed purposes; proceeds must be credited to the borrower's NRO account; and repayment must be by remittance from abroad or from the borrower's NRE/NRO/FCNR accounts, with lenders prohibited from accepting other sources.
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