Regulation 5(1)(iv) - Non-Resident (Non-Repatriable) Rupee Deposit Scheme

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... an/Bangladesh nationality/ownership) may open NRNR account with an authorised dealer, provided that no such account shall be opened on and from 1st April 2002, whether by renewal of existing deposit or otherwise. Accounts should be opened in Indian rupees out of the funds remitted from outside India through normal banking channels (in freely convertible currency). In the case of NRIs/OCBs, such a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eriod ranging from 6 months to 3 years . If the interest accrued on an existing deposit is invested under the Scheme, the amount of interest so invested, will not be eligible for repatriation. The account can also be shifted from one authorised dealer to another. 6. Gift : In the case of individual deposit holder, the amount of deposit can be gifted to any resident/ non-resident or to any Charit .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... loans availed by third parties may be made out of their own resources. 9. Nomination : An authorised dealer may register nomination in favour of either a resident or non-resident. However, nomination in favour of a non-resident may be registered subject to the condition that the amount standing to the credit of the depositor, in the event of his death, will be paid to the non-resident nominee o .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X