Non Resident Ordinary Rupee Account rules define permissible credits, debits and repatriation subject to documentary and tax compliance. The Master Circular consolidates rules for Non Resident Ordinary Rupee (NRO) accounts under FEMA: eligible NRIs/PIOs may open various rupee account types for bonafide transactions; permitted credits include inward remittances, legitimate India sourced income and sale proceeds of assets, while debits include local rupee payments and remittance of current income abroad. Remittance of sale proceeds and balances is allowed subject to documentary proof, an undertaking and a Chartered Accountant certificate in prescribed formats, with specified nationality based restrictions. Operational rules cover account re designation on change of residence, loans/overdrafts against deposits, Power of Attorney operations, tax compliance and reporting obligations for authorised dealers.
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 Account rules define permissible credits, debits and repatriation subject to documentary and tax compliance.
The Master Circular consolidates rules for Non Resident Ordinary Rupee (NRO) accounts under FEMA: eligible NRIs/PIOs may open various rupee account types for bonafide transactions; permitted credits include inward remittances, legitimate India sourced income and sale proceeds of assets, while debits include local rupee payments and remittance of current income abroad. Remittance of sale proceeds and balances is allowed subject to documentary proof, an undertaking and a Chartered Accountant certificate in prescribed formats, with specified nationality based restrictions. Operational rules cover account re designation on change of residence, loans/overdrafts against deposits, Power of Attorney operations, tax compliance and reporting obligations for authorised dealers.
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