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of <h1>RBI Master Circular on NRO Accounts: Eligibility, Transactions, Loans, and Tax Compliance for NRIs and PIOs.</h1> The Master Circular on Non-Resident Ordinary Rupee (NRO) Account, issued by the Reserve Bank of India, consolidates existing instructions regarding the management of NRO accounts for individuals residing outside India. It outlines the eligibility criteria, permissible transactions, and account types. NRO accounts can be held jointly, and transactions include credits from foreign remittances and debits for local payments and remittances abroad. It specifies conditions for loans, account operations by power of attorney holders, and tax compliance. The circular includes provisions for asset remittance, particularly for NRIs and PIOs, and highlights restrictions for certain nationalities. The circular is effective until July 1, 2008.
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