Section 6 in Foreign Exchange Management (Deposit) Regulations, 2016
6. Acceptance of deposits by persons other than authorised dealer/ authorised bank.
(1)A company registered under Companies Act, 2013 or a body corporate created under an Act of Parliament or State Legislature shall not accept deposits on repatriation basis from a non-resident Indian or a person of Indian origin. The company may, however, renew the deposits which had been accepted on repatriation basis from an NRI or a PIO subject to terms and conditions mentioned in Schedule 6.(2)A company registered under Companies Act, 2013 or a body corporate, a proprietary concern or a firm in India may accept deposits from a non-resident Indian or a person of Indian origin on non-repatriation basis, subject to the terms and conditions mentioned in Schedule 7.[***] [Omitted 'Sub-regulations (3)' by Notification No. G.S.R. 498(E), dated 16.7.2019 (w.e.f. 1.4.2016).]
