SCHEDULE 6 - Regulation 7(1) - Acceptance of deposits by a company incorporated in India (including a non-banking finance company registered with Reserve Bank) on repatriation basis from a non-resident Indian or a person of Indian origin resident outside India.
Repatriation deposits: conditions for NRI deposits into Indian companies, covering receipt, interest, maturity and repayment. Acceptance of deposits from non-resident Indians on a repatriation basis is permitted if received under a public deposit scheme, by inward remittance or debit to authorised non-resident accounts, and - for NBFCs - the company is Reserve Bank registered with requisite credit rating. Interest and maturity are regulated: NBFC interest must follow Reserve Bank directions, others must follow prescribed ceilings; maturities are limited to three years; aggregate deposits must not exceed 35% of net owned funds. Deposits cannot be used for re lending (except NBFCs), agricultural/plantation or real estate activities. Repayment and interest payments must be made via authorised dealers or credited to specified non-resident accounts, with required certification.
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.
Repatriation deposits: conditions for NRI deposits into Indian companies, covering receipt, interest, maturity and repayment.
Acceptance of deposits from non-resident Indians on a repatriation basis is permitted if received under a public deposit scheme, by inward remittance or debit to authorised non-resident accounts, and - for NBFCs - the company is Reserve Bank registered with requisite credit rating. Interest and maturity are regulated: NBFC interest must follow Reserve Bank directions, others must follow prescribed ceilings; maturities are limited to three years; aggregate deposits must not exceed 35% of net owned funds. Deposits cannot be used for re lending (except NBFCs), agricultural/plantation or real estate activities. Repayment and interest payments must be made via authorised dealers or credited to specified non-resident accounts, with required certification.
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