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TMI BlogRegulation 5(1)(iii) - NON-RESIDENT ORDINARY RUPEE( NRO) ACCOUNT SCHEMEX X X X Extracts X X X X X X X X Extracts X X X X ..... mbursement in rupees or in any other manner. (c) At the time of opening of the account, the account holder should furnish an undertaking to the authorised dealer/authorised bank with whom the account is maintained that in cases of debits to the account for the purpose of investment in India and credits representing sale proceeds of investments, he will ensure that such investments/disinvestments will be in accordance with the regulations made by Reserve Bank in this regard. NOTES: A. Opening of accounts by individuals/entities of 3 [ *** ] /Pakistan nationality/ ownership requires approval of Reserve Bank. B. Post Offices in India may maintain savings bank accounts in the names of persons resident outside India and allow operations on these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Deposit) Regulations, 2000. (iv) Amount in rupees received subject to compliance with the Regulation 8B of the Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 ( Notification No. FEMA 4/2000-RB dated 3rd May, 2000 ), as amended from time to time. ] (B) Debits (i) All local payments in rupees including payments for investments subject to compliance with the relevant regulations made by the Reserve Bank. (ii) Remittance outside India of current income in India of the account holder net of applicable taxes. 4. Remittance of funds held in NRO accounts. Balances in NRO accounts are not eligible for remittance outside India without the approval of Reserve Bank. Funds received by way of remittances from outside Ind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e utilised only for meeting borrower's personal requirements and/or business purpose and not for carrying on agricultural/plantation activities or real estate business, or for relending. (ii) Regulations relating to margin and rate of interest as stipulated by Reserve Bank from time to time shall be complied with. (iii) The usual norms and considerations as applicable in the case of advances to trade/industry shall be applicable for such loans/ facilities. 6. Treatment of Loans/Overdrafts in the event of change in the resident status of the borrower In case of person who had availed of loan or overdraft facilities while resident in India and who subsequently becomes a person resident outside India, the authorised dealer may at their dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess or vocation outside India or for any other purpose indicating his intention to stay outside India for an uncertain period, his existing account should be designated as a Non-Resident (Ordinary) account. (b) From Non-resident to Resident NRO accounts may be re-designated as resident rupee accounts on the return of the account holder to India for taking up employment, or for carrying on business or vocation or for any other purpose indicating his intention to stay in India for an uncertain period. Where the account holder is only on a temporary visit to India, the account should continue to be treated as non-resident during such visit. 9. Payment of funds to Non-resident Nominee The amount due/payable to non-resident nominee from the acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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