Special Non-Resident Rupee Account (SNRR)
|Eligibility||Any person resident outside India, having a business interest in India for putting through bona fide transactions in rupees.|
|Type of Account||Non-interest bearing|
|Permissible Transactions||Debits and credits specific/ incidental to the business proposed to be done by the account holder|
|Taxability||All transactions in the SNRR account will be subject to payment of applicable taxes in India.|
|Tenure||Concurrent to the tenure of the contract / period of operation / the business of the account holder and in no case should exceed seven years, other than with approval of the Reserve Bank.
Restriction of seven years is not applicable to SNRR accounts opened for specific purpose
( Last modified on May 16, 2020 at 03:05:50 PM )