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Introduction- Deposits in India by an NRI

[Deposits in India by an NRI ]

This is another important chapter of great practical significance for the NRIs. Most of the NRIs are conversant With NRE and FCNR deposits in India. Likewise, deposits in NRO account and NRSR account are also well known. Under the FEMA, detailed Regulations have now been notified by the Reserve Bank of India known as “Foreign Exchange Management (Deposit) Regulations, 2000” vide RBI Notification No. FEMA 5/2000-RB dated 3.5.2000. These regulations have also been come into force from 1.6.2000. They have been amended w.e.f. 3-10-2003 when the general permission to OCBs was withdrawn. The detailed provisions regarding different types of accounts like FCNR(B) account, NRE account, NRO account, NRNR account, NRSR account, etc. are explained in the following paragraphs. Regulation No.4 of these Regulations contains permission for opening rupee/foreign currency deposits accounts by certain persons, namely, rupee/foreign currency accounts by foreign diplomatic missions and diplomatic personnel or their family members with an authorised dealer, subject to conditions contained in the Regulations and (b) Deposits with an authorised dealer in rupees by a person resident in Nepal and Bhutan, and (c) Deposits with authorised dealers by the U.N.O. and its subsidiary/affiliate bodies in India, or its officials in India. Regulation No.5 provides rules for deposit accounts opened with an authorised dealer by an NRI under various schemes, like the Nonresident (External) Account Scheme, which is explained in detail in topic 2 below and the FCNR(B) Scheme discussed in topic 3 below. Likewise, details regarding other types of accounts are given in different topics of this chapter.

Deposits in India by an NRI ( Non-Resident Indian)
1. Introduction- Deposits in India by an NRI
2. Non-Resident (External) Account Scheme
3. NRE account to RFC account
4. Foreign Currency (Non-Resident) Account (Banks) Scheme, i.e. FCNR (B)
5. Non-Resident Ordinary Rupee(NRO) Account Scheme
6. Non-Resident (Non-Repatriable) Rupee (NRNR) Deposit Scheme
7. Non-Resident (Special) Rupee (NRSR) Account Scheme
8. Acceptance of deposit by a company in India from NRIs on repatriation basis
9. Acceptance Of Deposits By Indian Proprietorship Concernlfirm Or A Company From Nris On Non- Repatriation Basis
10. Full convertibility of deposit scheme Non-Resident Indians
11. NRNR, NRSR Accounts To Be Discontinued On Maturity

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