Non-repatriable NRI deposits: Indian proprietorships, firms and companies may accept them subject to prescribed conditions including compliance. Acceptance of deposits from NRIs and PIOs on a non-repatriation basis by Indian proprietorships, firms and companies is allowed subject to conditions: companies may accept deposits under private or public schemes; NBFCs must be RBI-registered and rated; maturity is limited and interest must follow RBI directions or the Companies Rules ceiling; funds must be credited to NRO accounts (excluding inward remittances or transfers from NRE/FCNR(B) accounts); recipients must comply with other applicable laws; deposits cannot be used for relending (except NBFCs), agricultural/plantation or real estate activities, or investments in such businesses; deposits are non-repatriable.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Non-repatriable NRI deposits: Indian proprietorships, firms and companies may accept them subject to prescribed conditions including compliance.
Acceptance of deposits from NRIs and PIOs on a non-repatriation basis by Indian proprietorships, firms and companies is allowed subject to conditions: companies may accept deposits under private or public schemes; NBFCs must be RBI-registered and rated; maturity is limited and interest must follow RBI directions or the Companies Rules ceiling; funds must be credited to NRO accounts (excluding inward remittances or transfers from NRE/FCNR(B) accounts); recipients must comply with other applicable laws; deposits cannot be used for relending (except NBFCs), agricultural/plantation or real estate activities, or investments in such businesses; deposits are non-repatriable.
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