Non-resident Rupee Accounts – Review of Policy

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....ory Policies of the Fourth Bi-Monthly Monetary Policy Statement for 2019-20 dated October 04, 2019. 2. In terms of paragraph 7 of Part II of Master Direction No.14 dated January 01, 2016 on "Deposits and Accounts", as amended from time to time, any person resident outside India, having a business interest in India, may open a Special Non-Resident Rupee Account (SNRR account) with an authorised de....

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....ltation with the Government of India, to rationalise certain other provisions for operation of the SNRR Account, as under: (i) Remove the restriction on the tenure of the SNRR account opened for the purposes given at paragraph 3 above as the proposed transactions are more enduring in nature. (ii) Apart from Non-Resident Ordinary (NRO) Account, permit credit of amount due/ payable to non-reside....