Master Circular No. 2/2014-15
July 1, 2014
All Authorised Dealer Category I banks and Authorised banks
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 withFEMA 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 the 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 Persons and the Authorised Dealer Category I banks may refer to respective circulars/ notifications for detailed information, if so needed.
(C D Srinivasan)
Chief General Manager