Special Non-Resident Rupee Account rules govern permitted rupee transactions, repatriation, tax compliance, and Reserve Bank reporting. A person resident outside India may open a Special Non-Resident Rupee Account with an authorised dealer in India or its branch outside India, including in an IFSC in India, for permissible current and capital account transactions with a person resident in India and bona fide transactions with a person resident outside India. The account must not be used to make foreign exchange available to a person resident in India against reimbursement, must not bear interest, and balances in India are eligible for repatriation. Transactions are subject to Indian taxes, reporting to the Reserve Bank, and prior approval for Pakistan and Bangladesh nationals and entities.
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 rules govern permitted rupee transactions, repatriation, tax compliance, and Reserve Bank reporting.
A person resident outside India may open a Special Non-Resident Rupee Account with an authorised dealer in India or its branch outside India, including in an IFSC in India, for permissible current and capital account transactions with a person resident in India and bona fide transactions with a person resident outside India. The account must not be used to make foreign exchange available to a person resident in India against reimbursement, must not bear interest, and balances in India are eligible for repatriation. Transactions are subject to Indian taxes, reporting to the Reserve Bank, and prior approval for Pakistan and Bangladesh nationals and entities.
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