The terms and conditions subject to which authorised dealers may open and maintain NRO accounts have been specified in Schedule 3 to these Regulations. These are similar to those contained in Part A—Section I of Chapter 13 of ECM, except that the ceiling on permitting overdraft in such accounts has been dispensed with. The authorised dealers may permit overdraft in such accounts as per their discretion and commercial judgement. For the rate of interest, inquiry from the bank concerned should be made. |
