OPENING OF NRO
ACCOUNTS BY INDIVIDUALS OF BANGLADESH NATIONALITY
Notification No.:
RBI/2012-13/414
Date: 11/02/2013
1. Attention
of all the Authorised Dealer banks
and Authorised banks (Authorised
banks) is invited regarding opening of
Non-Resident Ordinary Rupee (NRO)
accounts by individuals/ entities of Bangladesh/ Pakistan nationality/
ownership requires approval of Reserve
Bank.
2.
The
extant instructions have been reviewed and it has been decided that henceforth, Authorised banks would be permitted to open NRO account of
individual/s of Bangladesh nationality without the approval of the Reserve Bank
subject to the following conditions:
- The bank concerned should satisfy itself that the individual is holding valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/Foreigner Regional Registration Office (FRRO) concerned;
- The Authorised bank should put in place a system of quarterly reporting whereby each branch of the Authorised bank shall maintain a record of the bank accounts opened by individual/s of Bangladesh nationality and details of such account shall be forwarded to their Head Office. The Head Office of the bank shall furnish details of such accounts on quarterly basis to the Under Secretary (Foreigners), Ministry of Home Affairs, NDCC-II Building, Jai Singh Road, New Delhi - 110 001. E Mail.
- The report shall contain details of Name/s of the Individual/s, Date of arrival in India, Passport No. and Place/Country of issue, Residential permit reference and date and place of issue, Name of the FRO/ FRRO concerned and the Complete address and contact number of the branch where the bank account is being maintained.
3. Opening of accounts by entities of Bangladesh ownership shall continue to require approval of Reserve Bank,
as hitherto.
4.
Necessary
amendments to the Notification No. FEMA.5/2000-RB dated May 3, 2000 have been
issued vide Notification No.FEMA.253/2013-RB dated January 02, 2013.
Regards
CA.
Mona Singhal
Partner
Arpit
Gupta & Associates
Chartered
Accountants
701,
Nirmal Tower,
26,
Barakhamba Road,
Connaught
Place, Delhi-110001
Mobile:-
+91-9873082769
Website:-
www.caaga.co.in
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