Acceptance of NRI deposits restricted to NRO-account debits for non-authorised entities; remittance-origin or NRE/FCNR(B) debits barred. Non-authorised persons may accept NRI deposits only by debit to NRO accounts provided such amounts are not inward remittances or transfers from NRE/FCNR(B) accounts; deposits from inward remittances or by debit to NRE/FCNR(B) accounts are prohibited. Existing NRI deposits with non-authorised entities may be held and renewed, and interest on those deposits remains 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.
Acceptance of NRI deposits restricted to NRO-account debits for non-authorised entities; remittance-origin or NRE/FCNR(B) debits barred.
Non-authorised persons may accept NRI deposits only by debit to NRO accounts provided such amounts are not inward remittances or transfers from NRE/FCNR(B) accounts; deposits from inward remittances or by debit to NRE/FCNR(B) accounts are prohibited. Existing NRI deposits with non-authorised entities may be held and renewed, and interest on those deposits remains repatriable.
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