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4.12 Borrowing, Lending or Maintaining Current Accounts [Article 9.1 (m) of the Regulations]

N 35/2018 STA
  1. 4.12.1The Licensed Person is not permitted to borrow from or lend money to or maintain a current account in the name of its owners, shareholders, partners, directors, managers, controllers, group companies, subsidiaries or customers; and
  2. 4.12.2Salary advance by a Licensed Person to its employees is permitted subject to the following conditions:
    1. a)The maximum advance must not exceed the total of immediately preceding six (6) months’ gross salary of the employee; and
    2. b)Such advance must be made only towards employee’s housing expenses, medical expenses, education/training fees, air tickets or on other humanitarian grounds such as death/illness of an immediate family member.