NRO account rules set eligibility, permissible credits/debits and repatriation controls with documentation and tax compliance required. Master Circular consolidates rules for Non-Resident Ordinary Rupee (NRO) Accounts: persons resident outside India may open NRO accounts (various types) for bona fide rupee transactions; specific nationality and documentation conditions apply. It lists permissible credits (inward remittances, legitimate Indian dues, sale proceeds, resident gifts/loans within liberalised limits) and debits (local rupee payments, remittance of current income, transfers/repatriation for bona fide purposes subject to an annual ceiling and tax compliance). Repatriation of sale proceeds and balances requires documentary evidence, tax payment, and is subject to nationality-based restrictions and Reserve Bank permissions in certain cases.
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.
NRO account rules set eligibility, permissible credits/debits and repatriation controls with documentation and tax compliance required.
Master Circular consolidates rules for Non-Resident Ordinary Rupee (NRO) Accounts: persons resident outside India may open NRO accounts (various types) for bona fide rupee transactions; specific nationality and documentation conditions apply. It lists permissible credits (inward remittances, legitimate Indian dues, sale proceeds, resident gifts/loans within liberalised limits) and debits (local rupee payments, remittance of current income, transfers/repatriation for bona fide purposes subject to an annual ceiling and tax compliance). Repatriation of sale proceeds and balances requires documentary evidence, tax payment, and is subject to nationality-based restrictions and Reserve Bank permissions in certain cases.
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