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

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

Notification Dated 13.04.16

Holding deposits with an Indian company by person’s resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and does not require any approval from Reserve Bank. All refunds of such deposits, when the person is selected as director or gets more than 25% votes, should be treated similarly.

 

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