Section 7 in The Foreign Exchange Management (Deposit) Regulations, 2000
7. Acceptance of deposits by persons other than authorised dealer/ authorised bank. - [(1) A company registered under Companies Act, 1956 (1 of 1956), or a body corporate or created under an Act of Parliament or State Legislature shall not accept deposits on repartriation basis from a non-resident Indian.
(2)A company registered under the Companies Act, 1956 (1 of 1956) or a body corporate or created under the Act of Parliament or State Legislature may renew the deposits which had been accepted on repatriation basis from a non-resident Indian subject to terms and conditions mentioned in Schedule 6.(3)A company registered under the Companies Act, 1956 (1 of 1956), or a body corporate a proprietary concern or a firm in India may accept deposits from a non-resident Indian on non-repatriation basis, subject to the terms and conditions mentioned in Schedule 7.] [Inserted by Notification No. G.S.R. 798 (E) dated 19.10.2012 (w.e.f. 16.7.2012)]
