Non-resident Ordinary Rupee account rules updated to permit Bangladeshi individuals with valid visa and residential permit, with reporting. Amendment to Schedule 3 of the Deposit Regulations revises the NRO Account scheme to allow authorised dealers/banks to open NRO accounts for individuals of Bangladesh nationality if the individual holds a valid visa and residential permit issued by the relevant FRO/FRRO, while entities of Bangladesh ownership require Reserve Bank approval. It also requires branch-to-head office reporting and quarterly submission by Head Offices to the Ministry of Home Affairs of name, passport number, issuing country/state, FRO/FRRO name, residential permit date and validity.
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Non-resident Ordinary Rupee account rules updated to permit Bangladeshi individuals with valid visa and residential permit, with reporting.
Amendment to Schedule 3 of the Deposit Regulations revises the NRO Account scheme to allow authorised dealers/banks to open NRO accounts for individuals of Bangladesh nationality if the individual holds a valid visa and residential permit issued by the relevant FRO/FRRO, while entities of Bangladesh ownership require Reserve Bank approval. It also requires branch-to-head office reporting and quarterly submission by Head Offices to the Ministry of Home Affairs of name, passport number, issuing country/state, FRO/FRRO name, residential permit date and validity.
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