Financial Daily from THE HINDU group of publications
Wednesday, Jul 10, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jul 10, 2002 |
|
|
|
|
|
Home Page
-
RBI & Other Central Banks Money & Banking - RBI & Other Central Banks Foreign co, NRIs allowed to open term deposit a/cs Our Bureau
MUMBAI, July 9 THE Reserve bank of India (RBI) has permitted authorised dealers to open term deposit accounts in favour of foreign firms with branches or offices in India and also for NRIs for a period of six months. It has been receiving requests from foreign firms and NRIs for permission for keeping their temporary surplus funds lying in non-interest bearing accounts in term deposits with any authorised dealer, said a press release. The apex bank has also emphasised that authorised dealer must be satisfied that the term deposit is out of temporary surplus funds. Depositors must furnish an undertaking that the maturity proceeds of the term deposit will be utilised for their business in India within three months of maturity. However, such a facility may not be extended to shipping and airline companies, the release said.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|