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Non-Resident Ordinary Rupee Account rules permit limited repatriation and set permissible credits, debits, compliance requirements. Consolidates rules for Non-Resident Ordinary Rupee (NRO) Accounts: eligibility of NRIs/PIOs and certain foreign visitors; permissible credits (freely convertible remittances, legitimate Indian dues, sale/inheritance proceeds) and debits (local rupee payments, remittance of current income, repatriation for bonafide purposes subject to bank satisfaction); remittance of balances and sale proceeds subject to an overall annual ceiling, documentary evidence, remitter's undertaking and Chartered Accountant certificate; specified nationality-based restrictions; operational, loan, power-of-attorney and tax-compliance safeguards.
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Non-Resident Ordinary Rupee Account rules permit limited repatriation and set permissible credits, debits, compliance requirements.
Consolidates rules for Non-Resident Ordinary Rupee (NRO) Accounts: eligibility of NRIs/PIOs and certain foreign visitors; permissible credits (freely convertible remittances, legitimate Indian dues, sale/inheritance proceeds) and debits (local rupee payments, remittance of current income, repatriation for bonafide purposes subject to bank satisfaction); remittance of balances and sale proceeds subject to an overall annual ceiling, documentary evidence, remitter's undertaking and Chartered Accountant certificate; specified nationality-based restrictions; operational, loan, power-of-attorney and tax-compliance safeguards.
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