Foreign exchange deposit accounts permit NRE, FCNR(B), NRO, SNRR and escrow arrangements for eligible residents outside India. An authorised dealer may accept deposits under the NRE account and FCNR(B) account schemes from a non-resident Indian, and under the NRO account scheme from any person resident outside India. An authorised bank may also accept NRE and NRO deposits, and a Regional Rural Bank may accept FCNR(B) deposits, subject to the relevant Schedule and Reserve Bank conditions. A person resident outside India may open and maintain an SNRR account, and resident or non-resident acquirers may maintain an Escrow Account, subject to the prescribed terms and conditions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign exchange deposit accounts permit NRE, FCNR(B), NRO, SNRR and escrow arrangements for eligible residents outside India.
An authorised dealer may accept deposits under the NRE account and FCNR(B) account schemes from a non-resident Indian, and under the NRO account scheme from any person resident outside India. An authorised bank may also accept NRE and NRO deposits, and a Regional Rural Bank may accept FCNR(B) deposits, subject to the relevant Schedule and Reserve Bank conditions. A person resident outside India may open and maintain an SNRR account, and resident or non-resident acquirers may maintain an Escrow Account, subject to the prescribed terms and conditions.
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