https://www.taxtmi.com/acts?id=2242 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. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 26 Jun 2025 15:12:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=2242 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. Act-Rules FEMA Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=2242