TaxTMI 
TaxTMI 
Special Non-Resident Rupee Account - SNRR account
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....n: A unit in an International Financial Services Centre (IFSC) under section 18 of the Special Economic Zones Act, 2005 may open an SNRR account with an authorised dealer in India (outside IFSC) for its business related transactions outside IFSC.] 3[2. The SNRR account shall carry the nomenclature of the specific business for which it is in operation. 8[A bank] may, at its discretion, maintain separate SNRR Account for each category of transactions or a single SNRR Account for a person resident outside India engaged in multiple categories of transactions provided it is able to identify/ segregate and account them category-wise.] 3. The operations in the SNRR account 4[shall] not result in the account holder making available foreign exchan....
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.... it from time to time. 15. Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan and Bangladesh requires prior approval of Reserve Bank. *************** NOTES:- 1. Substituted vide Notification No. FEMA 5 (R)(1)/2018-RB dated 09-11-2018 before it was read as "8. The tenure of the SNRR account should be concurrent to the tenure of the contract/ period of operation/ the business of the account holder and in no case should exceed seven years. No operations are permissible in the account after seven years from the date of opening of the account." 2. Substituted Vide Notification No. FEMA 5 (R)/ (3)/2019-RB dated 13-11-2019 before it was read as "1. Any person resident outsi....
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.... non-resident nominee from the account of a deceased account holder, shall be credited to NRO account of the nominee with an authorised dealer/ authorised bank in India." 7. Substituted vide Notification No. FEMA 5(R)(5)/2025-RB dated 14-01-2025 before it was read as, "2[1. Any person resident outside India, having a business interest in India, may open Special Non-Resident Rupee Account (SNRR account) with an authorised dealer for the purpose of putting through bona fide transactions in rupees, not involving any violation of the provisions of the Act, rules and regulations made thereunder. The business interest, apart from generic business interest, shall include the following INR transactions, namely, :- i. Investments m....