TaxTMI 
TaxTMI 
Special Non-Resident Rupee Account - SNRR account
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....ident outside India.] 2. ^16[****] 3. The operations in the SNRR account ^4[shall] not result in the account holder making available foreign exchange to any person resident in India against reimbursement in rupees or in any other manner. 4. The SNRR account shall not bear any interest. 5. ^16A[****] 6. ^16B[****] 7. ^16C[****] 8. ^16D[****] 9. The balances in the SNRR account ^11[in India] shall be eligible for repatriation. ^17[10. Transfer from NRO account to SNRR account shall be in accordance with the Schedule 3 of these regulations.] 11. All transactions in the SNRR account ^12[in India] will be subject to payment of applicable taxes in India. 12. SNRR account ^13[in India] may be designated as resident....
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....stituted Vide Notification No. FEMA 5 (R)/ (3)/2019-RB dated 13-11-2019 w.e.f. 14-11-2019 before it was read as, "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." 3. Substituted Vide Notification No. FEMA 5 (R)/ (3)/2019-RB dated 13-11-2019 w.e.f. 14-11-2019 before it was read as, "2. The SNRR account should carry the nomenclature of the specific business for which it is in operation." 4. Substituted Vide Notification No. FEMA 5 (R)/....
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....14-01-2025 w.e.f. 15-01-2025 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 made in India in accordance with Foreign Exchange Management (Non-debt Instruments) Rules, 2019 dated October 17, 2019 and Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide noti....
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.... Substituted vide Notification No. FEMA 5(R)(5)/2025-RB dated 14-01-2025 w.e.f. 15-01-2025 before it was read as, "^7[8. The tenure of the SNRR account shall be concurrent to the tenure of the contract / period of operation / the business of the account holder and in no case shall exceed seven years. Approval of the Reserve Bank shall be obtained in cases requiring renewal: Provided the restriction of seven years shall not be applicable to SNRR accounts opened for the purposes stated at sub. paragraphs i to v of paragraph 1 of this Schedule.]" 11. Inserted vide Notification No. FEMA 5(R)(5)/2025-RB dated 14-01-2025 w.e.f. 15-01-2025 12. Inserted vide Notification No. FEMA 5(R)(....
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....unt for a person resident outside India engaged in multiple categories of transactions provided it is able to identify/ segregate and account them category-wise.]" 16A. Omitted vide F. No. FEMA 5(R)(6)/2026-RB dated 18-06-2026 w.e.f. 18-06-2026 before it was read as, "5. The debits and credits in the SNRR account ^5[shall] be specific/ incidental to the business proposed to be done by the account holder." 16B. Omitted vide F. No. FEMA 5(R)(6)/2026-RB dated 18-06-2026 w.e.f. 18-06-2026 before it was read as, "6. Authorised dealers ^6[shall] ensure that the balances are commensurate with the business operations of the account holder." 16C. Omitted vide F. No. FEMA ....