Restrictions on cross-border deposits: resident-to-nonresident deposits prohibited unless Reserve Bank permits following an application. Restrictions prohibit a person resident in India from accepting deposits from, or making deposits with, a person resident outside India, save as otherwise provided by the Act, Regulations or subordinate instruments. The Reserve Bank may, on an application and on being satisfied that it is necessary, allow such deposits, creating a discretionary permission contingent on the Bank's satisfaction of necessity.