Transfer of funds between repatriable Rupee accounts now permitted for bona fide transactions, clarifying SNRR account handling and bank eligibility. The amendment broadens authorised dealer scope to include branches outside India, permits transfers between repatriable Rupee accounts for bona fide transactions, and revises SNRR account rules: eligible non-residents may open SNRR accounts with an authorised dealer or its branch outside India for permissible current and capital account transactions and for dealings with non-residents; IFSC units may open SNRR accounts outside IFSC for outside-IFSC business. 'Indian bank' is replaced by 'A bank' and SNRR account tenure is made concurrent with the account holder's contract, operation period, or business.
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Transfer of funds between repatriable Rupee accounts now permitted for bona fide transactions, clarifying SNRR account handling and bank eligibility.
The amendment broadens authorised dealer scope to include branches outside India, permits transfers between repatriable Rupee accounts for bona fide transactions, and revises SNRR account rules: eligible non-residents may open SNRR accounts with an authorised dealer or its branch outside India for permissible current and capital account transactions and for dealings with non-residents; IFSC units may open SNRR accounts outside IFSC for outside-IFSC business. "Indian bank" is replaced by "A bank" and SNRR account tenure is made concurrent with the account holder's contract, operation period, or business.
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