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of <h1>RBI Updates Rules for Bangladeshi NRO Accounts: Visa, Permit Required; Bank Reporting to Home Ministry Mandated</h1> The Reserve Bank of India has amended the Foreign Exchange Management (Deposit) Regulations, 2000, specifically regarding the Non-Resident Ordinary Rupee (NRO) Account Scheme. The amendment allows the opening of accounts by individuals of Bangladeshi nationality, subject to valid visa and residential permit verification. Additionally, accounts opened by Bangladeshi entities require RBI approval. Authorized banks must report details of Bangladeshi account holders quarterly to the Ministry of Home Affairs. These changes are effective upon publication in the Official Gazette, as per the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013.
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