Reporting obligations for NRO remittances require banks to submit monthly remittance statements to regulators promptly. Banks must report detailed monthly remittance information from NRO accounts by NRIs/PIOs/foreign nationals using the prescribed proforma, itemising ... Summary
Reporting obligations for NRO remittances require banks to submit monthly remittance statements to regulators promptly.
Banks must report detailed monthly remittance information from NRO accounts by NRIs/PIOs/foreign nationals using the prescribed proforma, itemising categories such as sale proceeds of immovable property, other assets and transfers from NRO to NRE accounts. AD-Category I banks must furnish the monthly statement to the Reserve Bank's Foreign Exchange Department within the prescribed post reporting month period. For accounts of Bangladesh nationals, authorised dealers must notify their Head Office, which must forward a quarterly report to the Ministry of Home Affairs containing specified identity and permit details.
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