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Master Circular on Non-Resident Ordinary Rupee (NRO) Account

RBI/2013-14/2
Master Circular No.2 /2013-14

July 1, 2013

To,

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 This circular will stand withdrawn on July 1, 2014 and be replaced with an updated Master Circular on the subject.

Yours faithfully,

(Rudra Narayan Kar)
Chief General Manager-in-Charge

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Full Circular Available for download

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Tags: Bangladeshchartered accountantFederal Emergency Management AgencyForeign Exchange Management ActGeneral managerIndiaMaster CircularMaster Circulars 1st July 2013Non-resident Indian and person of Indian originNRINROReserve Bank

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