Special Non-Resident Rupee Account: permits non-residents with business interest to hold INR accounts for permissible transactions, subject to controls. Special Non-Resident Rupee Account (SNRR account) allows non-residents with business interest in India to open INR accounts with authorised dealers for permissible current and capital account transactions, including specified INR transactions such as investments, imports, exports, trade credit, ECB-related lending, and IFSC-related business. Accounts must bear specific business nomenclature, may be segregated by transaction category, shall not bear interest, must not facilitate provision of foreign exchange to residents against rupee reimbursement, and must be commensurate with business operations. Balances in India are eligible for repatriation; transfers from NRO to SNRR are prohibited; transactions are taxable; redesignation to resident account is permitted on residency change; certain nationals/entities require Reserve Bank approval.
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.
Special Non-Resident Rupee Account: permits non-residents with business interest to hold INR accounts for permissible transactions, subject to controls.
Special Non-Resident Rupee Account (SNRR account) allows non-residents with business interest in India to open INR accounts with authorised dealers for permissible current and capital account transactions, including specified INR transactions such as investments, imports, exports, trade credit, ECB-related lending, and IFSC-related business. Accounts must bear specific business nomenclature, may be segregated by transaction category, shall not bear interest, must not facilitate provision of foreign exchange to residents against rupee reimbursement, and must be commensurate with business operations. Balances in India are eligible for repatriation; transfers from NRO to SNRR are prohibited; transactions are taxable; redesignation to resident account is permitted on residency change; certain nationals/entities require Reserve Bank approval.
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