Keeping such deposits with an Indian company by
persons resident outside India, is a current account (payment) transaction and,
as such, does not require approval from RBI. All refunds of such deposits,
arising in the event of selection of the person as a director or getting more
than twenty five percent votes, shall be treated similarly.
Based on the RBI notification dated
13/4/2016. For further clarifications refer www.rbi.org.in
………….. Poppy
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