Non-resident Rupee Accounts – Review of Policy

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.... paragraph 3 of Statement on Developmental and Regulatory 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-Res....

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....e maintained with bank in India (outside IFSC). 4. It has also been decided, in consultation 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. (....