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of <h1>Banks Must Submit NRO Account Remittance Reports Monthly and Quarterly Under FEMA Guidelines; Include Detailed Sale and Transfer Data</h1> The requirements for banks to submit monthly statements on remittances from Non-Resident Ordinary (NRO) Accounts, as per FEMA guidelines. Authorized Dealer Category I banks must report remittance details by NRIs, PIOs, and foreign nationals to the Reserve Bank of India within seven days after the month's end. Additionally, banks managing accounts for Bangladeshi nationals must submit quarterly reports to their Head Office and the Ministry of Home Affairs, detailing personal and residency permit information. The report categorizes remittances into sale proceeds of immovable property, other assets, and transfers from NRO to NRE accounts.
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