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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Master Circular on Non-Resident Ordinary Accounts: Guidelines on Eligibility, Transactions, and Remittances under FEMA 1999.</h1> The Master Circular on Non-Resident Ordinary Rupee (NRO) Accounts consolidates existing guidelines for handling NRO accounts under the Foreign Exchange Management Act, 1999. It outlines definitions, eligibility, account types, permissible transactions, and remittance rules. NRO accounts can be held jointly with residents or non-residents and allow credits from foreign sources and local income. Debits include local payments and certain remittances. The circular also details loan facilities, account operations by power of attorney, and tax compliance. Restrictions apply to citizens of certain countries. This circular is effective until July 1, 2013, when it will be updated.
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