Non-resident rupee account rules: eligibility, permitted credits/debits and remittance controls with documentary and CA certification requirements. The Circular consolidates RBI directives regulating Non-Resident Ordinary Rupee (NRO) Accounts: eligibility (NRIs, PIOs, visiting foreign nationals), permitted account types and joint holdings; permissible credits (inward remittances, foreign currency tendered, rupee dues) and debits (local payments, remittance of current income, repatriation subject to an annual ceiling); documentary, undertaking and Chartered Accountant certificate requirements for remittance of sale proceeds and assets; nationality-based restrictions; conditions for conversion on departure; loan/overdraft and Power of Attorney operational constraints; change of resident status procedures; and tax 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 rupee account rules: eligibility, permitted credits/debits and remittance controls with documentary and CA certification requirements.
The Circular consolidates RBI directives regulating Non-Resident Ordinary Rupee (NRO) Accounts: eligibility (NRIs, PIOs, visiting foreign nationals), permitted account types and joint holdings; permissible credits (inward remittances, foreign currency tendered, rupee dues) and debits (local payments, remittance of current income, repatriation subject to an annual ceiling); documentary, undertaking and Chartered Accountant certificate requirements for remittance of sale proceeds and assets; nationality-based restrictions; conditions for conversion on departure; loan/overdraft and Power of Attorney operational constraints; change of resident status procedures; and tax and reporting obligations for authorised dealers.
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