https://www.taxtmi.com/circulars?id=11141 The Master Circular consolidates rules for Non Resident Ordinary Rupee (NRO) accounts under FEMA: eligible NRIs/PIOs may open various rupee account types for bonafide transactions; permitted credits include inward remittances, legitimate India sourced income and sale proceeds of assets, while debits include local rupee payments and remittance of current income abroad. Remittance of sale proceeds and balances is allowed subject to documentary proof, an undertaking and a Chartered Accountant certificate in prescribed formats, with specified nationality based restrictions. Operational rules cover account re designation on change of residence, loans/overdrafts against deposits, Power of Attorney operations, tax compliance and reporting obligations for authorised dealers. en-us Fri, 01 Jul 2011 00:00:00 +0530 Fri, 01 Jul 2011 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11141 The Master Circular consolidates rules for Non Resident Ordinary Rupee (NRO) accounts under FEMA: eligible NRIs/PIOs may open various rupee account types for bonafide transactions; permitted credits include inward remittances, legitimate India sourced income and sale proceeds of assets, while debits include local rupee payments and remittance of current income abroad. Remittance of sale proceeds and balances is allowed subject to documentary proof, an undertaking and a Chartered Accountant certificate in prescribed formats, with specified nationality based restrictions. Operational rules cover account re designation on change of residence, loans/overdrafts against deposits, Power of Attorney operations, tax compliance and reporting obligations for authorised dealers. Circulars FEMA Fri, 01 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11141