TMI BlogSpecial Non-Resident Rupee Account - SNRR accountX X X X Extracts X X X X X X X X Extracts X X X X ..... :- i. Investments made in India in accordance with Foreign Exchange Management (Non-debt Instruments) Rules, 2019 dated October 17, 2019 and Foreign Exchange Management (Debt Instruments) Regulations, 2019 notified vide notification no. FEMA 396/2019-RB dated October 17, 2019, as applicable, as amended from time to time; ii. Import of goods and services in accordance with Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000, viz., Foreign Exchange Management (Current Account Transaction) Rules, 2000, as amended from time to time; iii. Export of goods and services in accordance with Section 7 of the Foreign Exchange Management Act 1999 (42 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. The debits and credits in the SNRR account 4 [ shall ] be specific/ incidental to the business proposed to be done by the account holder. 6. Authorised dealers 4 [ shall ] ensure that the balances are commensurate with the business operations of the account holder. 7. All the operations in the SNRR account should be in accordance with the provisions of the Act, rules and regulations made thereunder. 5 [ 8. The tenure of the SNRR account shall be concurrent to the tenure of the contract / period of operation / the business of the account holder and in no case shall exceed seven years. Approval of the Reserve Bank shall be obtained in cases requiring renewal: Provided the restriction of seven ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the account. 2. Substituted Vide Notification No. FEMA 5 (R)/ (3)/2019-RB dated 13-11-2019 before it was read as 1. Any person resident outside India, having a business interest in India, may open Special Non-Resident Rupee Account (SNRR account) with an authorised dealer for the purpose of putting through bona fide transactions in rupees, not involving any violation of the provisions of the Act, rules and regulations made thereunder. 3. Substituted Vide Notification No. FEMA 5 (R)/ (3)/2019-RB dated 13-11-2019 before it was read as 2. The SNRR account should carry the nomenclature of the specific business for which it is in operation. 4. Substituted Vide Notification No. FEMA 5 (R) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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