Non-resident rupee account rules permit specified credits, debits and repatriation subject to RBI permissions and compliance. Non-Resident (External) Rupee Accounts allow eligible NRIs and PIOs to maintain rupee accounts in various forms with authorised banks, permitting credits from remittances, foreign currency instruments presented in India, transfers from NRE/FCNR(B) accounts, interest, certain income and investment proceeds, and other RBI permitted credits; debits may include local disbursements, remittances abroad, transfers and permissible investments. Loans against NRE fixed deposits are allowed subject to specified usage, security and RBI directions. Interest income and balances are exempt from income tax and wealth tax and transactions are reportable to the Reserve Bank.
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.
Non-resident rupee account rules permit specified credits, debits and repatriation subject to RBI permissions and compliance.
Non-Resident (External) Rupee Accounts allow eligible NRIs and PIOs to maintain rupee accounts in various forms with authorised banks, permitting credits from remittances, foreign currency instruments presented in India, transfers from NRE/FCNR(B) accounts, interest, certain income and investment proceeds, and other RBI permitted credits; debits may include local disbursements, remittances abroad, transfers and permissible investments. Loans against NRE fixed deposits are allowed subject to specified usage, security and RBI directions. Interest income and balances are exempt from income tax and wealth tax and transactions are reportable to the Reserve Bank.
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