Master Circular on Non-Resident Ordinary Rupee (NRO) Account - FEMA - 03 /2008- 09

Master Circular on Non-Resident Ordinary Rupee (NRO) Account RBI/2008- 2009/16 Master Circular No. 03 /2008- 09 July 1, 2008 To, All Authorised Dealer Category - I Banks and Authorised Banks Madam / Sir, Master Circular on Non-Resident Ordinary Rupee (NRO) Account The acceptance of deposits by an Authorised dealer / Authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of Section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No.5/2000 RB dated May 3, 2000 as amended from time to time. 2. This Master Circular consolidates the existing instructions on the subject of "Non-Resident Ordinary Rupee (NRO) Account" at one place. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in the Appendix. 3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2009 and be replaced by an updated Master Circular on the subject. Yours Faithfully, (Salim Gangadharan)Chief General Manager-In-Charge For master circular click here