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Back to Top of Index Question-84: Do NRI need permission of Reserve Bank for placing funds in fixed deposits with firms/companies on non-repatriation basis ?

April 26, 2017Bank companies deposits firms fixed funds index NRI permission placing Reserve

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Back to Top of Index Question-84: Do NRI need permission of Reserve Bank for placing funds in fixed deposits with firms/companies on non-repatriation basis ?

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Yes. Permission for placement of funds in fixed deposits with firms/ companies in India is granted by Reserve Bank on application by the depositor or the deposit accepting firm/company, on non-repatriation basis. The total deposits received by the firm/company from non-reside- nts/residents, however, should be within the ceiling prescribed under the Companies (Acceptance of Deposits) Rules, 1975.