Full Convertibility of Deposit Schemes – Non-Resident Indians

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..... nvertibility of Deposit Schemes - Non-Resident Indians Attention of authorised dealers is invited to "Foreign Exchange Management (Deposit) Regulations, 2000" notified under Notification No. FEMA 5 /2000-RB dated May 3, 2000. In terms of sub-regulations 1(iv) and (v) of Regulation 5, authorised dealers/authorised banks are permitted to accept deposits from persons resident outside India under t .....

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..... proceeds of the deposits under NRNR Account Scheme shall be credited to the accountholder's Non-Resident (External) Rupee Account (NRE account), after giving notice to the accountholder. For this purpose, the authorised dealers and authorised banks may give a notice to the accountholder that the maturity proceeds shall be credited to his NRE accounts. The accountholders may choose to credit the m .....

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..... e thereof be credited to his NRO account on or before that date. For this purpose, a notice to the accountholders may be given and in case no reply is received the said NRSR account may be closed and the balance transferred to the NRO account of the accountholder. 3. While the facilities currently available to the account holders for premature withdrawal continue, in the event of premature clos .....

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