https://www.taxtmi.com/circulars?id=6384 NRO accounts may be opened by persons resident outside India for bona fide rupee transactions; accounts can be current, savings, recurring or fixed deposits and jointly held. Permissible credits include freely convertible remittances, foreign currency brought on visit, legitimate dues and sale or inheritance proceeds; debits include local rupee payments, investments subject to RBI rules, remittance of current income, and repatriation up to USD 1 million per financial year subject to documentary evidence, an undertaking and a chartered accountant's certificate. Authorised dealers must verify declarations, preserve documents, and may grant limited loans/overdrafts against fixed deposit security under RBI directives. en-us Wed, 01 Jul 2009 00:00:00 +0530 Fri, 22 Aug 2025 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=6384 NRO accounts may be opened by persons resident outside India for bona fide rupee transactions; accounts can be current, savings, recurring or fixed deposits and jointly held. Permissible credits include freely convertible remittances, foreign currency brought on visit, legitimate dues and sale or inheritance proceeds; debits include local rupee payments, investments subject to RBI rules, remittance of current income, and repatriation up to USD 1 million per financial year subject to documentary evidence, an undertaking and a chartered accountant's certificate. Authorised dealers must verify declarations, preserve documents, and may grant limited loans/overdrafts against fixed deposit security under RBI directives. Circulars FEMA Wed, 01 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/circulars?id=6384