RBI/2015-16/78
Master Circular No. 2/2015-16
July 1, 2015
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 is 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 updated from time to time as and when fresh instructions are issued. The date up to which the Master Circular has been updated is suitably indicated.
4. This Master Circular may be referred to for general guidance. The Authorised Dealer Category I banks and Authorized banks may refer to respective circulars / notifications for detailed information, if so needed.
Yours faithfully,
(A K Pandey)
Chief General Manager
Please click on the below link to read the full circular
Master Circular on Non-Resident Ordinary Rupee (NRO) Account
