TaxTMI 
TaxTMI 
Non-Resident Ordinary Rupee Account Scheme - NRO Account
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....rupees or in any other manner. (c) At the time of opening of the account, the account holder should furnish an undertaking to the authorised dealer/ authorised bank with whom the account is maintained that in cases of debits to the account for the purpose of investment in India and credits representing sale proceeds of investments, he will ensure that such investments/ disinvestments will be in accordance with the regulations made by Reserve Bank in this regard. NOTES: A. Opening of accounts by individuals/ entities of Pakistan nationality/ ownership requires approval of Reserve Bank. B. Opening of accounts by entities of Bangladesh ownership requires approval of Reserve Bank. C. Opening of accounts by individual/s of Bangladesh na....
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.... months and may be renewed at six monthly intervals subject to the condition that the individual holds a valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/ Foreigner Regional Registration Office (FRRO) concerned. Such accounts can be opened by Authorised Dealers only,] 2. Types of Accounts NRO accounts may be opened/ maintained in the form of current, savings, recurring or fixed deposit accounts. The requirements laid down in the directives issued by Reserve Bank in regard to resident accounts shall apply to NRO accounts. 3. Permissible Credits/ Debits (A) Credits (i) Proceeds of remittances received in any permitted currency from outside India through banking channels or any permitted curren....
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....him to India, authorised dealers may convert the balance in the account at the time of departure of the tourist from India to foreign currency for payment to the account holder provided the account has been maintained for a period not exceeding six months and the account has not been credited with any local funds, other than interest accrued thereon. 5. Grant of Loans/ Overdrafts A. To Account holders (i) Loans to non-resident account holders may be granted in rupees against the security of fixed deposits subject to usual norms as are applicable to resident accounts, for personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/ plantation activity or for investment in real....
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.... on 'former or survivor' basis. NRIs and/or PIOs may hold NRO account jointly with other NRIs and/or PIOs. 8. Operations by Power of Attorney Authorised dealers/ authorized banks may allow operations on an NRO account in terms of a Power of Attorney, provided such operations are restricted to (i) all local payments in rupees including payments for eligible investments subject to compliance with relevant regulations made by the Reserve Bank; and (ii) remittance outside India of current income in India of the non-resident individual account holder, net of applicable taxes. The resident Power of Attorney holder shall not repatriate outside India funds held in the account under any circumstances other than to the nonresident individual accoun....