TaxTMI 
TaxTMI 
Regulation 5(1)(v) - Non-resident (Special) Rupee (NRSR) Account Scheme
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....ake not to seek remittance of funds held in these accounts as also income earned thereon are eligible to maintain NRSR accounts with an authorised dealer. (ii) These accounts shall carry the same facilities and restrictions as are applicable to domestic accounts of residents in respect of repatriation of funds held in the account and/or income accrued thereon with an exception of investment in s....
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....eld jointly with residents. 5. Rate of interest : The interest rates as applicable to resident accounts shall apply to these accounts. 6. Change of resident status of the account holder : When a person resident in India becomes a person resident outside India (other than Nepal and Bhutan) on account of his taking up employment, or carrying on business or vocation outside India or for any othe....
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....ts maintained by resident individuals. (ii) The account holders are also permitted to freely transfer funds from NRO/NRE/FCNR accounts to NRSR accounts but not vice versa. ************************ Note : 1. Has been added vide Notification No. 052/2002 dated 1/3/2002 NRSR Application-cum-Undertaking form for opening of Non-Resident (Special) Rupee (NRSR) Account Photograph/s of the accou....
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....able to any person resident in India any foreign exchange against reimbursement in India in rupees or otherwise. I /We will ensure that investment is shares /securities or immovable property in India out of funds held in my/our NRSR account with you are governed by respective regulations of Reserve Bank of India. I/We voluntarily undertake that I/We and/or my/our heir/successor will not seek rep....