Regulation 7 - Acceptance of deposits by persons other than authorised dealer/ authorised bank - Foreign Exchange Management (Deposit) Regulations, 2000

7. Acceptance of deposits by persons other than authorised dealer/ authorised bank :- 1 (1) A company registered under Companies Act, 1956 or a body corporate created under an Act of Parliament or State Legislature shall not accept deposits on repatriation basis from a non-resident Indian. (2) A company registered under Companies Act, 1956 or a body corporate created under the Act of Parliament or State Legislature may renew the deposits which had been accepted on repatriation basis from a non-resident Indian subject to terms and conditions mentioned in Schedule 6. (3) A company registered under Companies Act, 1956 or a body corporate, a proprietary concern or a firm in India may accept deposits from a non-resident Indian on non-repatriation basis, subject to the terms and conditions mentioned in Schedule 7. ************************* Note : 1. Has been substituted vide Notification No. 121/2004 dated 10/7/2004 , before it was read as, 1) A company registered under Companies Act, 1956 or a body corporate or created under an act of Parliament or State Legislature may accept deposits from a nonresident Indian on repatriation basis, subject to the terms and conditions mentioned in Schedule 6. 2) An Indian company, a proprietorship concern or a firm in India may accept deposits from a non-resident Indian on non-repatriation basis, subject to the terms and conditions mentioned in Schedule 7.