| 1.
|
Reserve Bank of India vide
A.P.(DIR Series)
Circular No 28 dtd March 4, 2002 have notified the closure of NRNR and
NRSR schemes w.e.f. 1st April, 2002
|
| 2.01
|
From 1st April, 2002
NRNR ( Non Resident Non Repatriable )
deposits are fully repatriable.
|
|
.02
|
Existing balances of NRNR deposits will be allowed to be
continued upto the date of maturity and upon maturity the same shall be
credited to the person's Non Resident (External) Account. Natural
consequence is that banks will not open any NRNR account from 1st April,
2002 being a renewal or a fresh deposit.
|
| 3.01
|
It is also proposed to discontinue
NRSR (Non Resident (Special) Rupee)
account schemes w.e.f. 01/04/2002.
|
|
.02
|
Existing NRSR
] maturing before 30th September, 2002
shall not be renewed.As
re: existing NRSR accounts
[other than fixed deposits ] as on 30th September,2002,an NRI will have option to close the account and
transfer the balance to his NRO account.Otherwise Banks will be
required to close such accounts on 30th September,2002 and transfer
the balance to NRO account.
|
|
.03 |
Re. deposits maturing on or after 30th September, 2002,upon
maturity, account
holder will have an option to close the account and transfer his balance
to NRO account.
|
|
.04
|
As in case of NRNR deposits, no new NRSR account will be opened
from 1st April, 2002 by way of renewal or as a fresh deposit.
|
