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Can NRIs keep deposits with companies in India on non-repatriation basis?

April 26, 2017basis companies deposits India non-repatriation NRIs

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Can NRIs keep deposits with companies in India on non-repatriation basis?

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Yes. A company registered under Companies Act,1956 or a body corporate, a proprietary concern or a firm in India may accept deposits from an non-resident Indian on non-repatriation basis,subject to the terms and conditions that 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 NRE/FCNR accounts into the NRO account.