Reserve Bank Of India
A.P.(DIR Series) Circular No. 82
February 11, 2013
To
All Authorised Dealer banks and Authorised banks
Madam / Sir,
Opening of NRO accounts by individuals of Bangladesh Nationality
Attention of all the Authorised Dealer banks and Authorised banks (Authorised
banks) is invited to Paragraph 1 of Schedule-3 of Foreign Exchange Management
(Deposit) Regulations, 2000 contained in
Notification No. FEMA.5/2000-RB dated
May 3, 2000, as amended from time to time, in terms of which opening of
Non-Resident Ordinary Rupee (NRO) accounts by individuals/ entities of
Bangladesh/ Pakistan nationality/ ownership requires approval of Reserve Bank.
- 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.
- Opening of accounts by entities of Bangladesh ownership shall continue to
require approval of Reserve Bank, as hitherto.
- 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.
- Authorised banks may bring the contents of this circular to the notice of
their constituents and customers concerned.
- The directions contained in the circular have been issued under sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (FEMA) (42 of 1999)
and are without prejudice to permissio.0ns/ approvals, if any, required under any
other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager
RBI/2012-13/414