RBI/2007-08/19
Master Circular No. 03 /2007- 08
July
2, 2007 To,
All
Banks Authorised to Deal in Foreign Exchange
Madam
/ Sir,
Master
Circular on Non-Resident Ordinary Rupee (NRO) Account
The
acceptance of deposits by an authorised dealer / authorised bank from persons
resident outside India are regulated by the provisions of sub-sections (1) and
(2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification
No.5/2000 RB dated May 3, 2000 as amended from time to time.
2.
This Master Circular consolidates the existing instructions on the subject of
"Non-Resident
Ordinary Rupee (NRO) Account" at one place. The list of underlying
circulars/notifications consolidated in this Master Circular is furnished in the
Appendix.
3.
This Master Circular is being issued with a sunset clause of one year. This circular
will stand withdrawn on July 1, 2008 and be replaced by an updated Master Circular
on the subject. Yours
faithfully, (Salim
Gangadharan)
Chief General Manager |