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.
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.
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
Ref:A.P.(DIR Series) Circular No. 82 dated 11 February 2013