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

FEMA - 59 - Dated:- 13-4-2016 - RBI/2015-16/371 A.P. (DIR Series) Circular No.59 April 13, 2016 To All Authorised Dealer Banks Madam / Sir, Attention of Authorised Dealers Banks is invited to Regulation 3 of the Foreign Exchange Management (Deposit) .....

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he Companies Act, 2013, it is provided that a person who intends to nominate himself or any other person as a director in an Indian company is required to place a deposit with the said company. In this context, it has come to the notice of the Reserv .....

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ng deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank. All refunds of .....

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