Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director

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..... Attention of Authorised Dealers Banks is invited to Regulation 3 of the Foreign Exchange Management (Deposit) Regulations, 2016 , notified vide Notification No. FEMA 5(R)/2016-RB dated April 1, 2016 , in terms of which no person resident in India shall accept any deposit from, or make any deposit with, a person resident outside India. 2. Under section 160 of the Companies Act, 2013 .....

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..... as director or getting more than twenty five percent votes, shall be treated similarly. 4. AD Category I banks may bring the contents of this circular to the notice of their constituents and customers concerned. Necessary amendments have been carried out in Master Direction No 14 on Deposits and Accounts. 5. The directions contained in this circular have been issued under section 10(4) .....

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