Cross-border deposit restrictions bar resident and non-resident deposits unless permitted under foreign-exchange rules or authorised by the Reserve Bank.

Cross-border deposits between a person resident in India and a person resident outside India are prohibited unless permitted under the applicable foreign-exchange framework, including regulations, rules, directions or orders. The Reserve Bank may allow a resident person to accept deposits from, or make deposits with, a non-resident upon application and where it is satisfied that such permission is necessary.

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