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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) 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 t .....

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