Vide its circular no. RBI/2012-13/2, RBI has released master circular No.2/2012-13 on master circular on non-resident ordinary rupee (NRO) account. This Master Circular consolidates the existing instructions on the subject of “Non-Resident Ordinary Rupee (NRO) Account” at one place. It states that such account may be opened with authorized dealers.
Proceeds of remittances from outside India through normal banking channels received in foreign currency which is freely convertible. Foreign currency exceeding USD 5000 or its equivalent in the form of cash should be supported by currency declaration form. Resident individual may make a rupee gift to a NRI/PIO who is a close relative of the resident individual. The gift amount would be within the overall limit of USD 200,000 per financial year. NRI/PIO can also remit an amount, not exceeding USD one million per financial year and also remit sale proceeds of assets acquired under a deed of settlement.
A NRO (current/savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India. Persons going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs. Educational and other loans availed of by them as residents in India will continue to be available. The remittances (net of applicable taxes) will be allowed to be made by the Authorized Dealer banks on production of an undertaking by the remitter and a certificate from a Chartered Accountant.
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