Repatriable deposits restricted: companies cannot accept repatriation deposits from non resident Indians; non repatriable allowed via NRO. The amendment bars companies and statutory bodies from accepting deposits on a repatriation basis from non resident Indians; renewals of previously accepted repatriation deposits are permitted only under Schedule 6. Companies, bodies corporate, proprietary concerns and firms may accept deposits on a non repatriation basis subject to Schedule 7, which requires receipt of the deposit exclusively by debit to an NRO account and prohibits the deposit representing inward remittances or transfers from NRE/FCNR(B) accounts.
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.
Repatriable deposits restricted: companies cannot accept repatriation deposits from non resident Indians; non repatriable allowed via NRO.
The amendment bars companies and statutory bodies from accepting deposits on a repatriation basis from non resident Indians; renewals of previously accepted repatriation deposits are permitted only under Schedule 6. Companies, bodies corporate, proprietary concerns and firms may accept deposits on a non repatriation basis subject to Schedule 7, which requires receipt of the deposit exclusively by debit to an NRO account and prohibits the deposit representing inward remittances or transfers from NRE/FCNR(B) accounts.
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