Special NonResident Rupee Account expanded to permit business INR transactions while fixing tenure, nomenclature, segregation, and nominee rules. The amendment defines the Special NonResident Rupee Account (SNRR account) for non-residents with business interest to carry out bona fide INR transactions, enumerates permitted categories (investments, imports, exports, trade credit/ECB lending, and specified IFSC unit receipts), requires business-specific account nomenclature and category-wise segregation, mandates certain provisions by substituting 'shall' for 'should', limits account tenure to the contract/business period not exceeding seven years with specified exceptions, and prescribes that nominee payments on death be credited to the nominee's NRO/NRE account or remitted through banking channels.
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Special NonResident Rupee Account expanded to permit business INR transactions while fixing tenure, nomenclature, segregation, and nominee rules.
The amendment defines the Special NonResident Rupee Account (SNRR account) for non-residents with business interest to carry out bona fide INR transactions, enumerates permitted categories (investments, imports, exports, trade credit/ECB lending, and specified IFSC unit receipts), requires business-specific account nomenclature and category-wise segregation, mandates certain provisions by substituting "shall" for "should", limits account tenure to the contract/business period not exceeding seven years with specified exceptions, and prescribes that nominee payments on death be credited to the nominee's NRO/NRE account or remitted through banking channels.
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