13.1
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Introduction
Under Section 9(1) of FERA 1973, no person in India can, without general permission or special exemption granted by Reserve Bank, make any payment to or place any sum to the credit of any person resident outside India. Similarly, permission of Reserve Bank is required for making any payment to or for placing any sum to the credit of any person by order or on behalf of any person resident outside India. Opening of accounts in the names of non-residents in India and operations on those accounts, therefore, require general or special permission of Reserve Bank. This Chapter sets out the regulations relating to the opening of and operations on non-resident rupee accounts maintained by authorised dealers. Regulations governing maintenance of and operations on non-resident rupee accounts by authorised co-operative/commercial banks have been given separately in Memorandum ABM.