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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Non-resident Indians can maintain special rupee accounts in India without repatriation rights under FEMA regulations</h1> The Non-resident Special Rupee Account Scheme under FEMA regulations allows eligible non-resident Indians, excluding nationals of Bangladesh and Pakistan, to maintain rupee accounts in India with the undertaking that they will not seek repatriation of funds or income. These accounts operate like domestic resident accounts with similar facilities and restrictions, except for investment regulations. Account holders can maintain current, savings, recurring, or fixed deposit accounts, earn resident interest rates, and hold joint accounts with residents. No new accounts can be opened after April 1, 2002, though existing accounts continue operating under the scheme.
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