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Do NRIs 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 NRIs permission placing Reserve

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Do NRIs 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 is granted by Reserve Bank on application by the depositor or the deposit accepting firm/company, on non-repatriation basis, subject to certain ceilings/conditions.