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of <h1>Indian Companies Can Accept Foreign Deposits for Director Nominations u/s 160 Without RBI Approval.</h1> Indian companies can accept deposits from persons resident outside India for director nominations under Section 160 of the Companies Act, 2013, without needing Reserve Bank approval. This is considered a current account transaction. Refunds of such deposits, if the nominee is selected or receives over 25% of votes, are treated similarly. Authorised Dealer Banks should inform relevant parties of these guidelines. Amendments have been made to Master Direction No 14 on Deposits and Accounts. These directions follow the Foreign Exchange Management Act, 1999, and do not affect other legal permissions or approvals.
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