Acceptance of Deposits by an Authorised Dealer/authorised Bank from Persons Resident Outside India

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....(Ordinary) Account Scheme, (NRO account), specified in Schedule 3, from any person resident outside India ^1[(iv) Omitted ^1[(v) Omitted (2) Without prejudice to sub-regulation (1), deposits under NRE, NRO and NRSR Account Schemes referred to in ^2[clauses (i) and (iii) of that sub-regulation, may also be accepted by an authorised bank, in accordance with the provisions contained in the respective Schedules. ^4[2A Non-resident acquirers may, subject to the terms and conditions specified in Schedule 8, open, hold and maintain Escrow Account and Special Account with Authorised Dealers in India without prior approval of the Reserve Bank, for acquisition/transfer of shares/convertible debentures through open offers/delis....

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.... to the account holder. (b) (i) the existing account in the form of a term deposit of the NRSR Account Scheme may be continued till the date of maturity. (ii) on maturity of the existing term deposit under the NRSR Account Scheme, the maturity proceeds shall be credited to the accountholder's Non-Resident (Ordinary) Account (NRO Account). (iii) existing NRSR account, other than a term deposit, shall not be continued after 30th September 2002 and may at the option of the account holder, be closed or the balance therein credited to his NRO account on or before that date. Explanation: For the purpose of this sub-regulation, "existing deposit" or "existing account" means a deposit or an account held on 31st March 2002.] ^5[(4....