RBI/2007-08/19
Master Circular No. 03 /2007- 08

July 2, 2007

To,

All Banks Authorised to Deal in Foreign Exchange

Madam / Sir,

The acceptance of deposits by an authorised dealer / authorised bank from persons resident outside India are regulated by the provisions of sub-sections (1) and (2) of section 6 of the Foreign Exchange Management Act, 1999 read with FEMA Notification No.5/2000 RB dated May 3, 2000 as amended from time to time.

2. This Master Circular consolidates the existing instructions on the subject of "Non-Resident Ordinary Rupee (NRO) Account" at one place. The list of underlying circulars/notifications consolidated in this Master Circular is furnished in the Appendix.

3. This Master Circular is being issued with a sunset clause of one year. This circular will stand withdrawn on July 1, 2008 and be replaced by an updated Master Circular on the subject.

Yours faithfully,

(Salim Gangadharan)
Chief General Manager