Acceptance of deposits from non-residents permits NRE, FCNR-B and NRO accounts plus escrow and rupee account facilities. Authorised dealers and authorised banks may accept deposits from persons resident outside India under the NRE, FCNR-B and NRO schemes as specified in their Schedules. Escrow and Special Accounts for non-resident acquirers may be opened without prior Reserve Bank approval subject to Schedule conditions and securities law. Qualified Foreign Investors may open a single non-interest bearing Rupee account for eligible securities transactions under specified funding, use and operating conditions. Transitional provisions phase out NRNR and NRSR schemes, allowing continuation only until maturity and conversion of proceeds into appropriate non-resident accounts.
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.
Acceptance of deposits from non-residents permits NRE, FCNR-B and NRO accounts plus escrow and rupee account facilities.
Authorised dealers and authorised banks may accept deposits from persons resident outside India under the NRE, FCNR-B and NRO schemes as specified in their Schedules. Escrow and Special Accounts for non-resident acquirers may be opened without prior Reserve Bank approval subject to Schedule conditions and securities law. Qualified Foreign Investors may open a single non-interest bearing Rupee account for eligible securities transactions under specified funding, use and operating conditions. Transitional provisions phase out NRNR and NRSR schemes, allowing continuation only until maturity and conversion of proceeds into appropriate non-resident accounts.
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