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Foreign Exchange Management (Deposit) Regulations 2016

FEMA - 5(R)/2016-RB - Dated:- 1-4-2016 - NOTIFICATION No. FEMA 5(R)/2016-RB Mumbai, the 1st April, 2016 G.S.R. 389(E).-In exercise of the powers conferred by clause (f) of sub-section (3) of section 6, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank makes the following regulations relating to deposits b .....

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unless the context otherwise requires, - i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); ii) 'Authorised bank' means a bank including a co-operative bank (other than an authorised dealer) authorised by the Reserve Bank to maintain an account of a person resident outside India; iii) 'Authorised dealer' means a person authorised as an authorised dealer under subsection (1) of section 10 of the Act; iv) ' .....

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rred to in clause (i) of sub-regulation (1) of Regulation 5; viii) 'NRO account' means a Non-Resident Ordinary account referred to in clause (iii) of sub-regulation (1) of Regulation 5; ix) Permissible currency means a foreign currency which is freely convertible; x) Person of Indian Origin (PIO) means a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central .....

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se of foreign origin of a person referred to in clause (a) or (b) or (c) Explanation: for the purpose of this sub-regulation, the expression Person of Indian Origin includes an Overseas Citizen of India cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. xi) 'Schedule' means schedule to these Regulations; xii) 'SNRR account' means a Special Non-Resident Rupee account referred to in sub-regulation (4) of Regulation 5;

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e India: Provided that the Reserve Bank may, on an application made to it and on being satisfied that it is necessary so to do, allow a person resident in India to accept or make deposit from or with a person resident outside India. 4. Exemptions:- Nothing contained in these Regulations shall apply to the following: 1) Deposits held in rupee accounts maintained by foreign diplomatic missions and diplomatic personnel and their family members in India wi .....

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nels or by a transfer from a foreign currency account in India of the account holder maintained with an authorised dealer in accordance with clause 3 of this Regulation ; b) All cheque leaves issued to the account holder shall be superscribed as Diplomatic Bond Stores Account No. ; c) Debits to the accounts shall be for local disbursements, or for payments for purchases of bonded stocks to firms and companies who have been granted special facilities by customs authorities f .....

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> (i) proceeds of inward remittances received from outside India through banking channels; and (ii) transfer of funds, from the rupee account of the diplomatic mission in India, which are collected in India as visa fees and credited to such account; b) Funds held in such account if converted in rupees shall not be converted back into foreign currency; c) The account may be held in the form of current or term deposit account, and in the case of diplomatic pe .....

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accounts maintained with an authorised dealer by any multilateral organization and its subsidiary/ affiliate bodies and officials in India of such multilateral organisations, of which India is a member nation. 5. Acceptance of deposits by an authorised dealer/ authorised bank from persons resident outside India:- 1) An authorised dealer in India may accept deposit i) under the Non-Resident (External) Account Scheme (NRE account), specified in Schedule 1, from a n .....

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n authorised bank, in accordance with the provisions contained in the respective Schedules, subject to the conditions prescribed by Reserve Bank in this regard. 3) Without prejudice to sub-regulation (1), deposits under FCNR(B) Account Schemes referred to in clause (ii) of that sub-regulation, may also be accepted by a Regional Rural Bank, in accordance with the provisions contained in the Schedule, subject to the conditions prescribed by Reserve Bank in this regard. 4) Any .....

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p> 1) A company registered under Companies Act, 2013 or a body corporate created under an Act of Parliament or State Legislature shall not accept deposits on repatriation basis from a non-resident Indian or a person of Indian origin. The company may, however, renew the deposits which had been accepted on repatriation basis from an NRI or a PIO subject to terms and conditions mentioned in Schedule 6. 2) A company registered under Companies Act, 2013 or a body corporate, a proprietary c .....

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king Companies (Acceptance of Deposits through Commercial Paper) Directions, 1989 issued by the Reserve Bank as also any other law, rule, directions, orders issued by the Government or any other regulatory authority, in regard to acceptance of deposits by issue of Commercial Paper; b) payment for issue of Commercial Paper is received by the issuing company by inward remittance from outside India through banking channels or out of funds held in a deposit account maintained by a Non- Resident Indi .....

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an authorised dealer, and held in its books in India, shall be governed by the directions issued by the Reserve Bank in this regard from time to time. 2) A shipping or airline company incorporated outside India, may open, hold and maintain a Foreign Currency Account with an authorized dealer for meeting the local expenses in India of such airline or shipping company: Provided that the credits to such accounts are only by way of freight or passage fare collections in India or by inwar .....

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debits and credits in these accounts shall be incidental to the business requirement of the UJV. Provided that the tenure of the account is concurrent to the tenure of the contract/ period of operation of the UJV. Provided further that all operations in the account shall be in accordance with the provisions of the Act or the rules or regulations made or the directions issued thereunder. Note: Opening of accounts by companies/ entities of Pakistan/ Bangladesh ownership/ nat .....

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thorised dealers may provide nomination facility in respect of the deposits/ accounts in these regulations maintained by individual account holders. SCHEDULE 1 [See Regulation 5(1) (i)] Non-Resident (External) Rupee Account Scheme - NRE Account 1. Eligibility: Non-resident Indians (NRIs) and Person of Indian Origin (PIOs) are permitted to open and maintain these accounts with authorised dealers and with banks (including cooperative banks) au .....

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wn by the account holder on his foreign currency account and of travellers cheques, bank drafts payable in any permitted currency including instruments expressed in Indian rupees for which reimbursement will be received in foreign currency, deposited by the account holder in person during his temporary visit to India, provided the authorised dealer/ bank is satisfied that the account holder is still resident outside India, the travellers' cheques/ drafts are standing/ endorsed in the name of .....

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o:p> d) Transfers from other NRE/ FCNR (B) accounts. e) Interest accruing on the funds held in the account. f) Current income in India due to the account holder, subject to payment of applicable taxes in India g) Maturity or sale proceeds of any permissible investment in India which was originally made by debit to the account holder's NRE/ FCNR (B) account or out of remittances received from outside India through banking channels. Provided th .....

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the house building agencies/ seller on account of non-allotment of flat/ plot/ cancellation of bookings / deals for purchase of residential/ commercial property, together with interest, if any (net of income tax payable thereon), provided the original payment was made out of NRE/ FCNR(B) account of the account holder or remittance from outside India through banking channels and the authorised dealer is satisfied about the genuineness of the transaction. j) Any other credit if covered .....

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r the general/ special permission granted by the Reserve Bank. e) Any other transaction if covered under general or special permission granted by the Reserve Bank. 5. Rate of Interest: Rate of interest applicable to these accounts shall be in accordance with the directions/ instructions issued by Reserve Bank from time to time 6. Loans against security of funds held in the account: (1) To account holder: Authorised dealers and authorised ba .....

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companies subject to the provisions of the relevant Regulations made under the Act iii) acquiring flat/ house in India for his own residential use subject to the provisions of the relevant Regulations made under the Act (b) Repayment shall be made either by adjustment of the deposit or by fresh inward remittances from outside India through banking channels or out of local rupee resources in the NRO account of the borrower. (2) To third parties: Authorised dealer .....

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tion for the non-resident depositor agreeing to pledge his deposits to enable the resident individual/ firm/ company to obtain such facilities. iii) The usual norms and considerations as applicable in the case of advances to trade/ industry shall be applicable to such credit facilities. 1[(3) Loans outside India - Authorised dealers may allow their branches/correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the reque .....

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may be issued by the Reserve Bank from time to time. (6) The term loan shall include all types of fund based/ non-fund based facilities. 7. Change of residential status of the account holder: NRE accounts should be re-designated as resident accounts or the funds held in these accounts may be transferred to the RFC accounts (if the account holder is eligible for maintaining RFC account) at the option of the account holder immediately upon the return of the accoun .....

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unt holder to his non-resident nominee. 9. Miscellaneous: (a) Joint accounts - Joint accounts may be permitted to be opened in the following cases: i) In the names of two or more NRIs and/or PIOs ii) With resident relative(s) on former or survivor basis. However, the said resident relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the life time of the account holder.

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) Operations by Power of Attorney: Authorised dealers/ authorised banks may allow operations on an NRE account in terms of Power of Attorney or other authority granted in favour of a resident by the non-resident account holder, provided such operations are restricted to withdrawals for local payments or remittance to the account holder himself through banking channels. In cases where the account holder or a bank designated by him is eligible to make investments in India, the Power of Attorney ho .....

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cation and quicker processing of cheques drawn on NRE accounts, authorised dealers/ banks shall issue cheque books containing a special series of cheques to their constituents holding NRE accounts. e) Temporary overdrawings: Authorised dealers/ authorised banks may at their discretion/ commercial judgement allow for a period of not more than two weeks, overdrawings in NRE savings bank accounts, up to a limit of ₹ 50,000 subject to the condition that such overdrawings together wi .....

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x Exemption: Income from interest on balances standing to the credit of NRE Accounts is exempt from Income Tax. Likewise balances held in such accounts are exempt from wealth tax. h) Reporting: The transactions in these accounts shall be reported to the Reserve Bank in accordance with the directions issued by it from time to time. SCHEDULE 2 [See Regulation 5(1) (ii)] FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME - FCNR (B) Account .....

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ing NRE/ FCNR (B) accounts. (c) Remittances from outside India for opening of or crediting to these accounts should be made in the designated currency in which the account is desired to be opened/ maintained. Without prejudice to this, if the remittance is received in a currency other than the designated currency (including funds received in rupees by debit to the account of a non-resident bank), it should be converted into the latter currency by the authorised dealer at th .....

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may be accepted in such permissible currencies as may be designated by the Reserve Bank from time to time. 3. Type of account: These accounts may be opened only in the form of term deposit with maturity of such period as may be specified by the Reserve Bank from time to time. 4. Rate of Interest: The rate of interest on funds held in these deposit accounts will be in accordance with the directives issued by the Reserve Bank from time to time.

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e of conversion. ii) For the purpose of payment in rupees, funds held in these accounts shall be converted into rupees at the authorised dealer's clean T.T. buying rate for the concerned currency ruling on the date of withdrawal. 7. Inland Movement of Funds: Any inland movement of funds for the purpose of opening these accounts as well as for repatriation outside India of balances held in these accounts will be free of inland exchange or commission for the no .....

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(B) account or an existing/ new NRE/ NRO account in the name of the account holder, at his option. 9. Loans/ overdrafts against security of funds held in the account: (1) The terms and conditions as applicable to NRE deposits (cf. Schedule 1) in respect of loans and overdrafts in India to depositor and to third parties as also loans outside India against security of deposits, shall apply mutatis mutandis to FCNR(B) deposits. (2) The margin requirement shall be no .....

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s from the date of return of the accountholder to India. Authorised dealers should convert the FCNR(B) deposits on maturity into resident rupee deposit accounts or RFC account (if the depositor is eligible to open RFC account), at the option of the accountholder and interest on the new deposit (rupee account or RFC account) shall be payable at the relevant rates applicable for such deposits. 11. Joint account, repatriation of balances, etc.: (1) Terms and conditions as appl .....

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sed dealer is satisfied about the bona fides of the transaction. 12. Reporting: The transactions in these accounts shall be reported to Reserve Bank in accordance with the directions issued by it from time to time. 13. Other features: (a) Reserve Bank will not provide exchange rate guarantee to authorised dealers for deposits of any maturity in these accounts. (b) Lending of resources mobilised by authorised dealers under these accounts are .....

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The operations on the accounts should not result in the account holder making available foreign exchange to any person resident in India against reimbursement in rupees or in any other manner. (c) At the time of opening of the account, the account holder should furnish an undertaking to the authorised dealer/ authorised bank with whom the account is maintained that in cases of debits to the account for the purpose of investment in India and credits representing sale proceeds of invest .....

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ler or authorised bank, subject to satisfying itself that the individual/s hold a valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/ Foreigner Regional Registration Office (FRRO) concerned; D. Post Offices in India may maintain savings bank accounts in the names of persons resident outside India and allow operations on these accounts subject to the same terms and conditions as are applicable to NRO accounts maintained with an authorised dealer/ auth .....

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cy tendered by the account-holder during his temporary visit to India or transfers from rupee accounts of non-resident banks. (ii) Legitimate dues in India of the account holder. (iii) Transfers from other NRO accounts. (iv) Any amount received by the account holder in accordance with the rules or regulations made under the Act. (B) Debits (i) All local payments in rupees including payments for investments subject to compliance with the rele .....

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ons, 2016. 4. Remittance of funds held in NRO accounts Balances in NRO accounts are not eligible for remittance outside India without the general or specific approval of Reserve Bank. Funds received by way of remittances from outside India in foreign exchange which have not lost their identity as remittable funds will only be considered by Reserve Bank for remittance outside India. Where an account (current/ savings) is opened by a foreign tourist visiting India, with funds .....

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To Account holders (i) Loans to non-resident account holders may be granted in rupees against the security of fixed deposits subject to usual norms as are applicable to resident accounts, for personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/ plantation activity or for investment in real estate business. (ii) Authorised dealer/ bank may permit overdraft in the account of the account holder subject to it .....

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te business, or for relending. (ii) Regulations relating to margin and rate of interest as stipulated by Reserve Bank from time to time shall be complied with. (iii) The usual norms and considerations as applicable in the case of advances to trade/ industry shall be applicable for such loans/ facilities. 6. Treatment of Loans/ Overdrafts in the event of change in the resident status of the borrower In case of person who had availed of loan or overdraf .....

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and/or PIOs may hold NRO account jointly with other NRIs and/or PIOs. 8. Operations by Power of Attorney Authorised dealers/ authorized banks may allow operations on an NRO account in terms of a Power of Attorney, provided such operations are restricted to (i) all local payments in rupees including payments for eligible investments subject to compliance with relevant regulations made by the Reserve Bank; and (ii) remittance outside India of current income in India of the no .....

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e Bank from time to time and subject to tax compliance. 9. Change of Resident Status of Account holder (a) From Resident to Non-resident When a person resident in India leaves India for a country (other than Nepal or Bhutan) for taking up employment, or for carrying on business or vocation outside India or for any other purpose indicating his intention to stay outside India for an uncertain period, his existing account should be designated as a Non-Resident (Ordi .....

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unds to Non-resident Nominee The amount due/ payable to non-resident nominee from the account of a deceased account holder, shall be credited to NRO account of the nominee with an authorised dealer/ authorised bank in India. 11. Reporting of transactions (i) The transaction in the account which may appear to represent reimbursement in rupees against foreign exchange made available to a person resident in India other than authorised dealer, as well as any other tr .....

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ed bank shall forward a quarterly report containing details of Name of the Individual(s), Passport Number, Issuing Country/State, Name of the FRO/ FRRO, Date of issue of Residential Permit and validity thereof, to the Ministry of Home Affairs (Foreigners Division) on Quarterly basis . Explanation: Quarterly basis means, quarter as at end of March/ June/ September and December of every year. SCHEDULE 4 [See Regulation 5(4)] Special Non-Resident Rupee Ac .....

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ons in the SNRR account should not result in the account holder making available foreign exchange to any person resident in India against reimbursement in rupees or in any other manner. 4. The SNRR account shall not bear any interest. 5. The debits and credits in the SNRR account should be specific/ incidental to the business proposed to be done by the account holder. 6. Authorised dealers should ensure that the balances are commensurate with the business operati .....

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in the SNRR account shall be eligible for repatriation. 10. Transfers from any NRO account to the SNRR account are prohibited. 11. All transactions in the SNRR account will be subject to payment of applicable taxes in India. 12. SNRR account may be designated as resident rupee account on the account holder becoming a resident. 13. The amount due/ payable to non-resident nominee from the account of a deceased account holder, shall be credited to NRO ac .....

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of Escrow Account An Escrow account in INR can be opened jointly and severally with an Authorised Dealer in India as an Escrow Agent in the following cases subject to the terms and conditions specified in this schedule. 1. By non-resident corporates for acquisition/ transfer of shares/ convertible debentures through open offers/ delisting/exit offers. a. Permitted Credits in the Escrow account are: i. Foreign Inward remittance through banking chann .....

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lined above. 2. By resident and non-resident acquirers for acquisition/ transfer of shares a. Permitted Credits in the Escrow account are: i. Foreign Inward remittance through banking channels; ii. Receipt of rupee consideration through banking channels by the resident acquirer of shares who proposes to acquire from non-resident holders by way of transfer. b. Permitted debits in the Escrow account are: i. Remittance of consid .....

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row agents. d. The Escrow account shall remain operational for a maximum period of six months only and the account shall be closed immediately after completing the requirements as outlined above or on completion of six months from the date of opening of such account, whichever is earlier. In case the Escrow account is required to be maintained beyond six months, specific permission from the Reserve Bank has to be sought. e. Notwithstanding what has been stated in paragra .....

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anagement (Transfer or Issue of Security by a person resident Outside India) Regulation 2000, as amended from time to time and Security Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 [SEBI (SAST) Regulations] or any other regulations issued by the SEBI. 4. The Escrow account shall be non-interest bearing. 5. No fund or non-fund based facilities would be permi tted against the balances in the Escrow account. 6. Requir .....

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r may allow repatriation/ refund of the entire amount lying to the credit of the Escrow account on being satisfied with the bonafides of such remittances. 9. For the purpose of FDI reporting, date of transfer of funds into the bank account of the issuer or transferor of shares, as the case may be, shall be the relevant date of remittance. SCHEDULE 6 [See Regulation 6(1)] Acceptance of deposits by a company incorporated in India (including a non-banki .....

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ompany, it should be registered with the Reserve Bank and should have obtained the required credit rating as stipulated under the guidelines issued by Reserve Bank for such companies. iii) The amount representing the deposit is received by inward remittance from outside India through banking channels or by debit to the NRE or FCNR (B) Account maintained with an authorised dealer/ authorised bank in India. iv) If the deposit accepting company is a non-banking finance compan .....

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gulations, orders issued by the Government of India or any other competent authority, as are applicable to it in regard to acceptance of deposits. vii) The amount of aggregate deposits accepted by the company shall not exceed 35% of its net owned funds. viii) The payment of interest net of taxes may be made by the company to the depositor by remittance through an authorised dealer or by credit to the depositor's NRE/ FCNR(B)/ NRO/ account as desired by him. i .....

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uthorised dealer or by credit to the depositor's NRE/ FCNR (B) account maintained with an authorised dealer in India, provided the depositor continues to be a non resident at the time of repayment. While applying to the authorised dealer for remittance of maturity proceeds of deposit or credit thereof to NRE/ FCNR(B) account, the company should certify that the amount of deposit was received either by inward remittance from outside India through banking channels or by debit to the depositor& .....

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/o:p> A proprietorship concern or a firm in India and a company incorporated in India (including a non-banking finance company registered with Reserve Bank) may accept deposits on non-repatriation basis from NRIs or PIOs subject to the following conditions: i) In the case of a company, the deposits may be accepted either under private arrangement or under a public deposit scheme. ii) If the deposit accepting company is a non-banking finance company, it should be registered .....

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