FEMA 1999 – Grant of Rupee Loans to NRI/PIO Employees of Indian Body Corporate

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....d Dealers in Foreign Exchange Madam/Sirs, FEMA 1999 - Grant of Rupee Loans to NRI/PIO Employees of Indian Body Corporate Attention of Authorised Dealers is invited to Regulation 8 of Notification No.FEMA 4/2000 RB dated May 3, 2000, in terms of which an Authorised Dealer or a housing finance institution in India approved by the National Housing Bank may provide housing loan to a Non-Residen....

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....not used for the purposes specified in sub-clauses (i) to (iv) of clause (1) and in clause (2) of Regulation 6 of Notification No.FEMA.4/2000-RB dated May 3, 2000, referred to above; iv. The lender shall credit the loan amount to the borrower's NRO account in India or shall ensure credit to such account by specific indication on the payment instrument; v. The loan agreement shall specify tha....