NATIONAL HOUSING BANK

(Wholly owned by the Reserve Bank of India )

New Delhi  

THE HOUSING FINANCE COMPANIES (NHB) DIRECTIONS, 2001

Direction No. NHB.HFC.DIR.6/CMD/2003 dated September 20, 2003  

 

In exercise of the powers conferred by sections 30A and 31 of the National Housing Bank Act, 1987 (53 of 1987) and all the powers enabling it in this behalf, the National Housing Bank being satisfied that it is necessary in the public interest so to do, hereby directs that the said Directions shall stand amended with immediate effect, as follows:

 

In paragraph 11, after sub-paragraph 1(a), sub-paragraph 1(aa) shall be inserted, namely:-

 

“1(aa) On and from 20 th September 2003, no housing finance company shall invite or accept or renew repatriable deposits from non-resident Indians in terms of Notification No. FEMA.5/2000-RB dated May 03, 2000 under Non-Resident (External) Account Scheme at a rate exceeding the rates specified by the Reserve Bank of India for such deposits with scheduled commercial banks.

 

Explanation: The period of deposit shall not be less than one year and not more than three years.”

 

 

Sd/-

(V. Sridar)

Chairman & Managing Director