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UES 12. Whether NBFCs can accept deposits from NRIs?

deposits nbfcs NRIs ues
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UES 12. Whether NBFCs can accept deposits from NRIs?

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ANS 12. Effective from April 24, 2004, NBFCs cannot accept deposits from NRI except deposits by debit to NRO account of NRI provided such amount do not represent inward remittance or transfer from NRE/FCNR (B) account. However, the existing NRI deposits can be renewed.

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