https://www.taxtmi.com/circulars?id=9972 AD Category I banks may permit departing foreign nationals to re-designate resident accounts as NRO accounts to receive pending bonafide dues, provided the bank obtains full details of expected dues, verifies that credits are bonafide, ensures immediate repatriation after satisfying itself about payment of applicable taxes, enforces that debits are only for repatriation to the holder's overseas account, permits no other inflows, applies internal controls to monitor transactions, observes the per financial year repatriation limit, and closes the account after all dues are repatriated. en-us Thu, 09 Jun 2011 00:00:00 +0530 Thu, 09 Jun 2011 19:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9972 AD Category I banks may permit departing foreign nationals to re-designate resident accounts as NRO accounts to receive pending bonafide dues, provided the bank obtains full details of expected dues, verifies that credits are bonafide, ensures immediate repatriation after satisfying itself about payment of applicable taxes, enforces that debits are only for repatriation to the holder's overseas account, permits no other inflows, applies internal controls to monitor transactions, observes the per financial year repatriation limit, and closes the account after all dues are repatriated. Circulars FEMA Thu, 09 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9972