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Investment - Without Repatriation
a) INVESTMENT IN NON CONVERTIBLE DEBENTURES

Proposals for investment in non-convertible debentures by NRIs/PIOs/OCBs on non-repatriation basis will be considered by the Reserve Bank of India on case to case basis. The Indian company has to apply in form ISD to Reserve Bank of India.

b) MONEY MARKET MUTUAL FUNDS

NRIs/PIOs (not OCBs) can invest on non-repatriation basis in the money market mutual funds floated by the commercial banks/private sector financial institutions. The concerned bank/institution is required to apply to the Reserve Bank of India and get necessary authorisation for this.

c) DEPOSITS WITH COMPANIES

Deposits with companies are permitted in the case of NRIs/PIOs (not OCBs) with prior approval and within the prescribed ceilings.

The depositor/Accepting company/firm has to obtain prior permission from the Regional office of the Reserve Bank of India for deposits under the public deposit Scheme. The Indian company/firm has to apply through authorised dealers to the regional office of the Reserve Bank of India.

d) COMMERCIAL PAPERS

The Reserve Bank of India has granted general permission to Indian companies to issue commercial papers to NRIs/PIOs/(not OCBs). Commercial papers are non-transferable. The amount invested is non-repatriable.

The Indian company has to file a statement in form ICP countersigned by the Bank which has been issued approval letter by Reserve Bank of India within 10 days of closure of the issue to the Regional office of the Reserve Bank of India.

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