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of <h1>RBI Amends Forex Regulations: NRNR and NRSR Schemes Discontinued, Transition Plans for Existing Accounts Detailed</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Deposit) Regulations, 2000, effective April 1, 2002. These amendments include the discontinuation of new deposits under the Non-Resident (Non-Repatriable) Rupee Account Scheme (NRNR) and the Non-Resident (Special) Rupee Account Scheme (NRSR). Existing NRNR deposits can continue until maturity, after which proceeds will be transferred to the Non-Resident (External) Account. NRSR term deposits may continue until maturity, with proceeds transferred to the Non-Resident (Ordinary) Account. Non-term NRSR accounts must be closed or transferred by September 30, 2002. Accounts for individuals from Pakistan and Bangladesh are excluded.
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