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of <h1>RBI's 2007 Circular on NRO Accounts: Streamlining Deposit Rules for Non-Residents, Effective Until July 1, 2008.</h1> The Master Circular on Non-Resident Ordinary Rupee (NRO) Account, issued by the Reserve Bank of India on July 2, 2007, consolidates existing instructions regarding the acceptance of deposits by authorized dealers and banks from individuals residing outside India. These regulations are governed by the Foreign Exchange Management Act, 1999 and related notifications. The circular is intended to streamline and clarify the rules for NRO accounts and includes a sunset clause, indicating it will be withdrawn and replaced by an updated version on July 1, 2008.
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