Non-resident rupee account rules consolidated with a sunset clause requiring replacement by an updated master circular. Acceptance of deposits from persons resident outside India by authorised dealers and authorised banks must comply with the Foreign Exchange Management Act and the applicable FEMA notification. This Master Circular consolidates existing instructions and underlying circulars on the Non-Resident Ordinary Rupee (NRO) Account into a single reference for authorised banks. The circular is issued with a sunset clause and will be withdrawn and replaced by an updated master circular at the end of its term.
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Provisions expressly mentioned in the judgment/order text.
Non-resident rupee account rules consolidated with a sunset clause requiring replacement by an updated master circular.
Acceptance of deposits from persons resident outside India by authorised dealers and authorised banks must comply with the Foreign Exchange Management Act and the applicable FEMA notification. This Master Circular consolidates existing instructions and underlying circulars on the Non-Resident Ordinary Rupee (NRO) Account into a single reference for authorised banks. The circular is issued with a sunset clause and will be withdrawn and replaced by an updated master circular at the end of its term.
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