Restriction on Non-Resident Rupee Accounts: prohibition of new NRNR and NRSR accounts with transitional conversion rules for existing deposits. The Regulations prohibit opening or renewal of NRNR and NRSR accounts from 1 April 2002. Existing NRNR deposits may continue only until maturity and on maturity must be credited to the holder's NRE account after notice. Existing NRSR term deposits may continue until maturity and be credited to the holder's NRO account on maturity; non-term NRSR accounts must be closed or credited to NRO by 30 September 2002. 'Existing deposit' or 'existing account' means held on 31 March 2002.
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.
Restriction on Non-Resident Rupee Accounts: prohibition of new NRNR and NRSR accounts with transitional conversion rules for existing deposits.
The Regulations prohibit opening or renewal of NRNR and NRSR accounts from 1 April 2002. Existing NRNR deposits may continue only until maturity and on maturity must be credited to the holder's NRE account after notice. Existing NRSR term deposits may continue until maturity and be credited to the holder's NRO account on maturity; non-term NRSR accounts must be closed or credited to NRO by 30 September 2002. "Existing deposit" or "existing account" means held on 31 March 2002.
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