13A.13
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Transfer of Funds to Non-resident Nominees
The Banking Companies (Nomination) Rules, 1985 framed under the Banking Regulation Act, 1949, enable banks to pay the amount standing to the credit of the deceased depositor to his nominee. There is, therefore, no objection to the registration of nomination either in favour of a resident or non-resident. In the case of non-resident nominee, the amount entitled to him from the account(s)/deposit(s) of a deceased person will be credited to his NRO account and shall not be allowed to be remitted outside India.