Special Non-Resident Rupee Accounts framework expanded to cover IFSC banking, permitted transfers, and authorised dealer instructions. The amendment revises the Foreign Exchange Management (Deposit) Regulations by updating the definition of International Financial Services Centre, expanding the framework for Special Non-Resident Rupee Accounts, and aligning permitted transfers with remittance limits under the Remittance of Assets Regulations. It permits SNRR accounts to be maintained with authorised dealers in India or their branches outside India, including in an IFSC, for permissible current and capital account transactions and bona fide transactions with persons outside India.
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 framework expanded to cover IFSC banking, permitted transfers, and authorised dealer instructions.
The amendment revises the Foreign Exchange Management (Deposit) Regulations by updating the definition of International Financial Services Centre, expanding the framework for Special Non-Resident Rupee Accounts, and aligning permitted transfers with remittance limits under the Remittance of Assets Regulations. It permits SNRR accounts to be maintained with authorised dealers in India or their branches outside India, including in an IFSC, for permissible current and capital account transactions and bona fide transactions with persons outside India.
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