Financial Daily from THE HINDU group of publications
Sunday, Feb 22, 2004
Financial Daily from THE HINDU group of publications Sunday, Feb 22, 2004 |
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RBI & Other Central Banks Money & Banking - RBI & Other Central Banks Corporate - Human Resources Indian cos can now grant loans to staff abroad Our Bureau
Mumbai , Feb. 21 INDIAN companies can now treat their employees residing abroad better. As a measure of `liberalisation and procedural simplification,' the Reserve Bank of India on Saturday decided to grant permission to Indian companies in India to grant loans in foreign currency to the employees of their branches aboard for personal purposes. These loans are to be in accordance with the lender's staff welfare scheme/loan rules and other terms and conditions as applicable to its staff resident in India and abroad, said a circular from the apex bank. Until now, loans granted by Indian companies to the employees of their branches outside India required permission of the central bank since such loans were treated as loans by a resident to a non-resident. It is clarified that though branches of Indian companies outside India are treated as residents as per the definition, the employees of such branches are treated as persons resident outside India.
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