TMI BlogAcceptance of deposits by an authorised dealer/authorised bank from persons resident outside IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... pt deposit (i) under the Non-Resident (External) Account Scheme(NRE account), specified in Schedule 1, from a non-resident Indian ; (ii) under the Foreign Currency (Non-Resident) Account Banks Scheme,(FCNR-B account), specified in Schedule 2, from a non-resident Indian; (iii) under the Non-Resident (Ordinary) Account Scheme, (NRO account), specified in Schedule 3, from any person resident outside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions of the Companies Act, 1956. 6 [ (2B) Resident or Non-resident acquirers may, subject to the terms and conditions specified in Schedule 9, open, hold and maintain Escrow Account with Authorised Dealers in India without prior approval of the Reserve Bank, towards payment of share purchase consideration. Resident or Non-resident acquirers may, subject to the terms and conditions specified in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... countholder's Non-Resident (External) Account (NRE Account), after giving notice to the account holder. (b) (i) the existing account in the form of a term deposit of the NRSR Account Scheme may be continued till the date of maturity. (ii) on maturity of the existing term deposit under the NRSR Account Scheme, the maturity proceeds shall be credited to the accountholder's Non-Resident (Ordi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions: ( a ) The account shall be funded by inward remittance through normal banking channel and by credit of the sale/redemption/buyback proceeds (net of taxes) and on account of interest payment/dividend on the eligible securities for QFIs. ( b ) The funds in this account shall be utilized for purchase of eligible securities for QFIs or for remittance (net of taxes) outside India. ( c ) The Qual ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i), (iii) and (v) , the words and figures clauses (i) and (iii) has been substituted vide Notification No. Supra 3. Has been added vide Notification No. Supra 4. Has been inserted vide Notification No. G.S.R. 91(E) dated 18/9/2007 and corrected vide notification dated 28.8.2009 5. Inserted vide Notification No. FEMA 243/2012-RB, Dated 19-10-2012 6. Inserted vide Notification No. FEMA 228/2012-RB, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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