Regulation 7(2) - Acceptance of deposits by Indian proprietorship concern/firm or company (including non-banking finance company registered with Reserve Bank) on non-repatriation basis from Non-Resident Indians and persons of Indian origin resident outside India

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..... Act-Rules - SCHEDULE 7 [See Regulation 7(2)] Acceptance of deposits by Indian proprietorship concern/firm or company (including non-banking finance company registered with Reserve Bank) on non-repatriation basis from Non-Resident Indians and persons of Indian origin resident outside India A proprietorship concern or a firm in India, may accept deposits on non-repatriation basis from NRIs, and a .....

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..... ssued by Reserve Bank for such companies. In other cases the rate of interest payable on deposits shall not exceed the ceiling rate prescribed from time to time under the Companies (Acceptance of Deposit) Rules, 1975 1 (v) The amount of deposit shall be received by debit to NRO account only, provided that the amount of the deposit shall not represent inward remittances or transfer of funds from NR .....

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..... dia. ********************** Notes : 1. Has been substituted vide Notification No. 121/2004 dated 10/7/2004 , before it was read as, The amount of deposit shall be received either by inward remittance from outside India through normal banking channels or by debit to NRE/FCNR(B)/NRO/NRNR or NRSR account. Where, however, the deposit is made out of funds held in NRSR account of the depositor, payment .....

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