India Millennium Deposits (IMDs)

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....led `India Millennium Deposits'. The details of the scheme will be announced by State Bank of India. 2. Authorised dealers are permitted to grant loans in non-repatriable rupees, in India, to the holders of IMDs for personal purposes, and for carrying on business activities except for the purpose of relending or carrying on agricultural/plantation activities or for investment in real estate busin....

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....the purpose of making direct investment in India on non-repatriation basis, subject to compliance with the provisions of Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations 2000, Foreign Exchange Management (Investment in firm or proprietary concern in India) Regulations 2000 and subject to the conditions stipulated in paragraph 2 above. The ....