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of <h1>Master Circular on NRO Accounts: Guidelines on Eligibility, Credits/Debits, Remittance, and Joint Accounts Under FEMA 1999.</h1> The Master Circular on Non-Resident Ordinary Rupee (NRO) Accounts consolidates existing guidelines for managing NRO accounts, governed by the Foreign Exchange Management Act, 1999. It outlines eligibility criteria, permissible credits and debits, types of accounts, and joint account regulations. The circular also addresses remittance of assets, loans, and overdrafts, and details procedures for changing residential status and account operations by power of attorney holders. Restrictions apply to certain nationalities for remittance of sale proceeds. The circular includes provisions for foreign nationals visiting India and reporting requirements for accounts opened by individuals of Bangladesh nationality. It is effective until July 1, 2014.
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