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of <h1>RBI Updates Foreign Exchange Management Rules: Non-Banks Can Accept NRI Deposits, Restrictions Apply on Transfers.</h1> The Reserve Bank of India (RBI) has revised guidelines under the Foreign Exchange Management (Deposit) Regulations, 2000, regarding the acceptance of deposits from Non-Resident Indians (NRIs). Entities other than authorized dealers and banks can accept deposits from NRIs, provided they do not involve inward remittances or transfers from NRE/FCNR(B) accounts to NRO accounts. Existing deposits can be held and renewed, and interest earned remains eligible for repatriation. The new instructions are effective immediately, with amendments to the regulations to be notified separately. Authorized dealers are instructed to inform their constituents of these changes.
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