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Acceptance Of Deposits By Indian Proprietorship Concern / Firm Or A Company From NRI s On Non- Repatriation Basis

[Deposits in India by an NRI ]

General permission has been granted to Indian proprietorship concern’ firm or a company (including Non-Banking Finance Company) registered with Reserve Bank to accept deposits from NRIs on non- repatriation basis subject to the terms and conditions specified in Schedule 7. The terms and conditions are similar to those stipulated in paragraph 10C.10(i) of ECM and erstwhile Notification No.FERA 196/99-RB dated 30th March, 1999.

Various other Rules and Regulations, for example, regarding acceptance of deposits from NRIs by issue of a commercial paper, etc. have been given in Regulation No.8 and Regulation No.9. It has also been made clear that any deposit between a person resident in India and a person outside India which is not covered by the provisions of FEMA or the aforesaid Regulations would require approval of the Reserve Bank.
Deposits in India by an NRI ( Non-Resident Indian)
1. Introduction- Deposits in India by an NRI
2. Non-Resident (External) Account Scheme
3. NRE account to RFC account
4. Foreign Currency (Non-Resident) Account (Banks) Scheme, i.e. FCNR (B)
5. Non-Resident Ordinary Rupee(NRO) Account Scheme
6. Non-Resident (Non-Repatriable) Rupee (NRNR) Deposit Scheme
7. Non-Resident (Special) Rupee (NRSR) Account Scheme
8. Acceptance of deposit by a company in India from NRIs on repatriation basis
9. Acceptance Of Deposits By Indian Proprietorship Concernlfirm Or A Company From Nris On Non- Repatriation Basis
10. Full convertibility of deposit scheme Non-Resident Indians
11. NRNR, NRSR Accounts To Be Discontinued On Maturity

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Tax Amendments in Finance Bill 2020

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