Section 5(7) in The Foreign Exchange Management (Borrowing Or Lending In Foreign Exchange) Regulations, 2000
(7)[ Indian companies in India may grant loans in foreign currency to the employees of their branches outside India for personal purposes provided that the loan shall be granted for personal purposes 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.] [ Inserted by G.S.R. 531(E), dated 8.1.2003 (w.e.f. 9.7.2003).]
