Section 5(1) in Foreign Exchange Management (Deposit) Regulations, 2016
(1)An authorised dealer in India may accept deposit(i)under the Non-Resident (External) Account Scheme (NRE account), specified in Schedule 1, from a nonresident Indian;(ii)under the Foreign Currency (Non-Resident) Account Banks Scheme, (FCNR(B) account), specified in Schedule 2, from a non-resident Indian;(iii)under the Non-Resident (Ordinary) Account Scheme, (NRO account), specified in Schedule 3, from any person resident outside India;
