In a bid to boost internationalisation of the rupee, the RBI has relaxed norms for the opening of special non-resident rupee (SNRR) accounts and permitted direct remittance from India into these accounts.
About:
Now, RBI has expanded the scope of SNRR Account by permitting person resident outside India to open such account for:
External Commercial Borrowings in INR;
Trade Credits in INR;
Trade (Export/ Import) Invoicing in INR; and
Business related transactions outside International Financial Service Centre (IFSC) by IFSC units at GIFT city like administrative expenses in INR outside IFSC, INR amount from sale of scrap, government incentives in INR, etc.
It has also been decided to rationalise certain other provisions for operation of the SNRR Account, as under:
Remove the restriction on the tenure of the SNRR account opened for the purposes given at paragraph 3 above as the proposed transactions are more enduring in nature.
Apart from Non-Resident Ordinary (NRO) Account, permit credit of amount due/ payable to non-resident nominee from account of a deceased account holder to Non-Resident External (NRE) Account or direct remittance outside India through normal banking channels.
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