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[Cites 0, Cited by 0] [Section 5(1)] [Section 5] [Entire Act]

Union of India - Subsection

Section 5(1)(d) in The Foreign Exchange Management [Withdrawal Of General Permission To Overseas Corporate Bodies (Ocbs)] Regulations, 2003

(d)an existing NRO (Saving) Account held or maintained in the name of an OCB shall be closed and balances transferred to non-interest bearing NRO (Current) Account. The disposal of balance in such NRO (Current) Account shall require specific approval of the Reserve Bank except in the following cases:--
(i)all local payments in rupees;
(ii)remittance outside India of current income in India of the account holder net of applicable taxes;