India Millennium Deposits (IMDs)

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....tate Bank of India has been permitted to float a scheme called `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....

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....Authorised Dealers may also grant loans to the account holders for 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 a....

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....arrying on business activities other than agricultural/plantation activities or real estate business. The loan should not be utilised for relending. v. The loan should be granted only against a special mandate from the NRI IMD holder. 5. Authorised dealers shall not grant foreign currency loans against the security of IMDs. 6. Authorised dealers may bring the contents of this circular to ....