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Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director

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....lers Banks is invited to Regulation 3 of the Foreign Exchange Management (Deposit) Regulations, 2016, notified vide Notification No. FEMA 5(R)/2016-RB dated April 1, 2016, in terms of which no person resident in India shall accept any deposit from, or make any deposit with, a person resident outside India. 2. Under section 160 of the Companies Act, 2013, it is provided that a person who intends t....

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