Do NRIs need permission of Reserve Bank for placing funds in fixed deposits?

Question: Do NRIs need permission of Reserve Bank for placing funds in fixed deposits with firms/companies on non-repatriation basis?

Answer(s)

Raju Kanumuri: Yes. Permission for placement of funds in fixed deposits with firms/companies in India is granted by Reserve Bank on application by the depositor or the deposit accepting firm/company, on non-repatriation basis, subject to certain ceilings/conditions.

Source : Reserve Bank Of India

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