Difference Between NRO Account and NRE Account Difference Between NRO Account and NRE Account : Eligibility Eligibility for Non-Resident (External) Rupee Account Scheme – NRE Account : – Non-resident Indians (NRIs) and Person of Indian Origin (PIOs) are permitted to open and maintain these accounts with authorised dealers and with banks (including cooperative banks) authorised by the Reserve… Read More »
RBI has issued the following Notifications relating to NRO Account, NRE Account, FCNR Account , SNRR Account THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 1st April, 2016 No. FEMA 5(R)/2016-RB Foreign Exchange Management (Deposit) Regulations, 2016 G.S.R. 389(E).—In exercise of the powers… Read More »
Non-Resident Ordinary Rupee (NRO) Account Statutory provisions are contained in schedule 3 of Foreign Exchange Management (Deposit) Regulations, 2000. RBI has issued Master Circular No. 2/2014-15 dated 1-7-2014 on ‘Non-Resident Ordinary Rupee (NRO) Account’ [earlier Master Circular No. 2/2013-14 dated 1-7-2013], consolidating all instructions relating to NRO account. RBI has issued master circular DBOD No.… Read More »