Acceptance of foreign deposits for director nomination treated as current account payments not requiring RBI approval. Deposits placed by persons resident outside India to nominate themselves or others as directors are treated as a current account (payment) transaction and therefore do not require Reserve Bank approval under the Foreign Exchange Management (Deposit) Regulations; refunds of such deposits on selection or achieving specified vote thresholds are similarly not subject to RBI approval.
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 foreign deposits for director nomination treated as current account payments not requiring RBI approval.
Deposits placed by persons resident outside India to nominate themselves or others as directors are treated as a current account (payment) transaction and therefore do not require Reserve Bank approval under the Foreign Exchange Management (Deposit) Regulations; refunds of such deposits on selection or achieving specified vote thresholds are similarly not subject to RBI approval.
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