Special Non Resident Rupee accounts now permitted for rupee receipts and payments subject to compliance with foreign exchange law. The amendment inserts a definition of Special Non-Resident Rupee account and authorises rupee receipts and payments to and from SNRR accounts maintained by non-residents with an Authorised Dealer or Authorised Bank in India. Payments by debit to FCNR, NRE or SNRR accounts for overseas buyers and credits to SNRR accounts for overseas sellers are permitted, and rupee transfers to or from SNRR accounts are allowed provided the underlying transactions conform with the Foreign Exchange Management Act, 1999 and subordinate rules, regulations and directions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Special Non Resident Rupee accounts now permitted for rupee receipts and payments subject to compliance with foreign exchange law.
The amendment inserts a definition of Special Non-Resident Rupee account and authorises rupee receipts and payments to and from SNRR accounts maintained by non-residents with an Authorised Dealer or Authorised Bank in India. Payments by debit to FCNR, NRE or SNRR accounts for overseas buyers and credits to SNRR accounts for overseas sellers are permitted, and rupee transfers to or from SNRR accounts are allowed provided the underlying transactions conform with the Foreign Exchange Management Act, 1999 and subordinate rules, regulations and directions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
