Recent measures introduced by Government of India with regard to Repatriability of NR accounts
  Salient features of measures communicated by Reserve Bank of India consequent to announcement by Finance Minister in the Union Budget for the year 2002-03
 

  1. With effect from 01 04 2002, the Non-resident Non-repatriable account (NRNR) scheme and Non-resident Special Rupee account (NRSR) will be discontinued. Hence, no further deposits will be accepted under these two schemes.

  2. The existing accounts under NRNR accounts may be continued till the date of maturiy and on the date of maturity, the principal and interest will be credit to NRE account.

  3. The existing term deposits under NRSR will be continued till the maturity and the maturity proceeds will be credit to the NRO account of the account holder.

  4. The NRNR and NRSR Term deposit can be premataurely closed. However, in case of such premature withdrawal, the proceeds will be credited to NRO account.

  5. The existing repatriable schemes namely FCNRB and NRE Rupee scheme will continue.

  6. The Non-Resident Ordinary Rupee (NRO) Scheme remains unchanged. Therefore the balances held in such accounts continue to remain non-repatriable.

  7. Non-Resident Indians will be free to repatriate in foreign currency their current earnings in India such as rent, dividend, pension, interest and the like, based on appropriate certification
   

Last Updated June 7, 2004

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