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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Master Circular: NRO Account Rules for NRIs/PIOs, Covering Deposits, Loans, and Tax Compliance Under FEMA 1999.</h1> The Master Circular on Non-Resident Ordinary Rupee (NRO) Accounts consolidates guidelines for accepting deposits from persons residing outside India, as per the Foreign Exchange Management Act, 1999. It defines Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) and outlines eligibility for opening NRO accounts. The circular specifies permissible credits and debits, remittance of assets, and account operations by power of attorney holders. It addresses loans, overdrafts, and the impact of changing resident status on accounts. The circular also covers facilities for students abroad, international credit card issuance, and tax compliance for remittances, effective until July 1, 2011.
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