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

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..... ligible to maintain resident accounts 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 .....

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..... ountry after their employment to enable 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 wh .....

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..... the declaration made by 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 .....

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