Remittance of assets by foreign nationals - Opening of NRO Accounts.

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..... ccounts with an Authorised Dealer Category - I (AD Category-I) bank in India. The AD Category-I banks are required to close the resident accounts of such foreign nationals on their leaving the country and transfer their assets to their accounts maintained abroad. In this connection, attention of the AD Category-I banks is invited to paragraph 8 of Schedule 3 to the Notification No. FEMA 5 /2000-RB .....

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..... nable them to receive their pending bonafide dues, subject to the following conditions * AD Category-I bank should obtain the full details from the account holder about his legitimate dues expected to be received into his account. * AD Category-I bank has to satisfy itself as regards the credit of amounts which have to be bonafide dues of the account holder when she / he was a resident in Indi .....

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..... the account holder mentioned at paragraph 2 (a) above. 3. AD Category-I banks may bring the contents of this circular to the notice of their constituents and customers concerned. 4. The directions contained in the circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (FEMA) (42 of 1999) and are without prejudice to permissions / approvals, if any, .....

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