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Escrow account and deposit rules updated to permit SEBI registered investors' forex accounts and specify NRO and SNRR conditions. Authorized Dealers may permit SEBI-registered Foreign Portfolio Investors and Foreign Venture Capital Investors to open non-interest bearing foreign currency accounts for investments under the FEMA 2017 transfer/issue regulations; specified minority nationals of Bangladesh and Pakistan with or applying for Long Term Visas may open a single NRO account subject to visa and residential permit conditions; SNRR account tenure is concurrent with contract/operation and capped at seven years except for non-resident investment accounts under FEMA 2017. Schedule 5 prescribes comprehensive terms for INR Escrow Accounts including permitted credits and debits, non-interest status, KYC, repatriation and closure rules.
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Escrow account and deposit rules updated to permit SEBI registered investors' forex accounts and specify NRO and SNRR conditions.
Authorized Dealers may permit SEBI-registered Foreign Portfolio Investors and Foreign Venture Capital Investors to open non-interest bearing foreign currency accounts for investments under the FEMA 2017 transfer/issue regulations; specified minority nationals of Bangladesh and Pakistan with or applying for Long Term Visas may open a single NRO account subject to visa and residential permit conditions; SNRR account tenure is concurrent with contract/operation and capped at seven years except for non-resident investment accounts under FEMA 2017. Schedule 5 prescribes comprehensive terms for INR Escrow Accounts including permitted credits and debits, non-interest status, KYC, repatriation and closure rules.
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