Master Circular No.2 /2013-14
July 1, 2013
All Authorised Dealer Category I banks and Authorised banks
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 This circular will stand withdrawn on July 1, 2014 and be replaced with an updated Master Circular on the subject.
(Rudra Narayan Kar)
Chief General Manager-in-Charge
Tags: Bangladesh, chartered accountant, Federal Emergency Management Agency, Foreign Exchange Management Act, General manager, India, Master Circular, Master Circulars 1st July 2013, Non-resident Indian and person of Indian origin, NRI, NRO, Reserve Bank