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of <h1>India Amends Companies Act to Allow Interest on Deposits; Rates Capped by RBI Guidelines for NBFCs.</h1> The Government of India, through the Ministry of Finance, has amended Notification No. G.S.R. 555(E) dated 26th July 2001, under the Companies Act, 1956. This amendment, notified as G.S.R. 775(E) on 29th September 2003, modifies clause (f), sub-clause (i), item (B) to allow the offering of interest on fixed and recurring deposits. The interest rate must not exceed the maximum rate prescribed by the Reserve Bank of India for Non-Banking Financial Companies on public deposits. This change is authorized by the powers conferred under section 637A of the Companies Act, 1956.
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