Non-Resident Ordinary Rupee accounts operate under strict credit, debit, remittance, lending, and reporting controls. The Non-Resident Ordinary Rupee (NRO) account scheme permits persons resident outside India to maintain rupee accounts for bona fide transactions, subject to foreign exchange law, Reserve Bank conditions, and special restrictions for Pakistan- and Bangladesh-linked accounts. It sets out the permitted account types, credits and debits, remittance limitations, loan and overdraft conditions, joint holding, power of attorney operations, change of residential status, nominee payment treatment, and reporting obligations. Balances are generally not freely remittable abroad without Reserve Bank approval, and use of the account must remain within prescribed banking and tax-compliance limits.
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 Ordinary Rupee accounts operate under strict credit, debit, remittance, lending, and reporting controls.
The Non-Resident Ordinary Rupee (NRO) account scheme permits persons resident outside India to maintain rupee accounts for bona fide transactions, subject to foreign exchange law, Reserve Bank conditions, and special restrictions for Pakistan- and Bangladesh-linked accounts. It sets out the permitted account types, credits and debits, remittance limitations, loan and overdraft conditions, joint holding, power of attorney operations, change of residential status, nominee payment treatment, and reporting obligations. Balances are generally not freely remittable abroad without Reserve Bank approval, and use of the account must remain within prescribed banking and tax-compliance limits.
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