Short-term term deposits permitted for foreign branch accounts, subject to temporary-surplus and utilization undertakings; excludes shipping and airline companies. Authorised Dealers may open term deposits of up to six months for branches, project or liaison offices in India of persons resident outside India where the deposits arise from temporary surplus funds, provided the Authorised Dealer is satisfied as to the temporary nature and the branch/office gives an undertaking that maturity proceeds will be utilised for business in India within three months; facility excludes shipping and airline companies.
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.
Short-term term deposits permitted for foreign branch accounts, subject to temporary-surplus and utilization undertakings; excludes shipping and airline companies.
Authorised Dealers may open term deposits of up to six months for branches, project or liaison offices in India of persons resident outside India where the deposits arise from temporary surplus funds, provided the Authorised Dealer is satisfied as to the temporary nature and the branch/office gives an undertaking that maturity proceeds will be utilised for business in India within three months; facility excludes shipping and airline companies.
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