Full convertibility of deposit schemes restricts renewal of NRNR deposits and prescribes credit or repatriation routes. Full convertibility clarifies that renewals under the NRNR scheme are prohibited from April 1, 2002; matured NRNR receipts presented after that date must be credited to the holder's NRE account and may subsequently be transferred to FCNR(B) accounts. If no NRE account exists, maturity proceeds may be repatriated abroad, and NRNR deposits maturing on or after April 1, 2002 for persons who became residents may be credited to RFC 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.
Full convertibility of deposit schemes restricts renewal of NRNR deposits and prescribes credit or repatriation routes.
Full convertibility clarifies that renewals under the NRNR scheme are prohibited from April 1, 2002; matured NRNR receipts presented after that date must be credited to the holder's NRE account and may subsequently be transferred to FCNR(B) accounts. If no NRE account exists, maturity proceeds may be repatriated abroad, and NRNR deposits maturing on or after April 1, 2002 for persons who became residents may be credited to RFC accounts.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
