Non-Resident Ordinary Rupee (NRO) account rules: eligibility, permitted credits/debits, USD 1 million repatriation limit, and compliance requirements. NRO accounts may be opened by persons resident outside India for bona fide rupee transactions; accounts can be current, savings, recurring or fixed deposits and jointly held. Permissible credits include freely convertible remittances, foreign currency brought on visit, legitimate dues and sale or inheritance proceeds; debits include local rupee payments, investments subject to RBI rules, remittance of current income, and repatriation up to USD 1 million per financial year subject to documentary evidence, an undertaking and a chartered accountant's certificate. Authorised dealers must verify declarations, preserve documents, and may grant limited loans/overdrafts against fixed deposit security under RBI directives.
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 Ordinary Rupee (NRO) account rules: eligibility, permitted credits/debits, USD 1 million repatriation limit, and compliance requirements.
NRO accounts may be opened by persons resident outside India for bona fide rupee transactions; accounts can be current, savings, recurring or fixed deposits and jointly held. Permissible credits include freely convertible remittances, foreign currency brought on visit, legitimate dues and sale or inheritance proceeds; debits include local rupee payments, investments subject to RBI rules, remittance of current income, and repatriation up to USD 1 million per financial year subject to documentary evidence, an undertaking and a chartered accountant's certificate. Authorised dealers must verify declarations, preserve documents, and may grant limited loans/overdrafts against fixed deposit security under RBI directives.
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