24 December, 2019
Syllabus subtopic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
Prelims and Mains focus: About NRO account and the its eligibility criteria
Context: More than a year before Parliament amended the citizenship law (Citizenship Amendment Act), the Reserve Bank of India amended the Foreign Exchange Management (Deposit) Regulations, 2016, enabling persons belonging to minority communities — Hindus, Sikhs, Buddhists, Jains, Parsis and Christians — from Bangladesh and Pakistan, and residing in India, to open an NRO account (Non-Resident Ordinary Rupee Account Scheme). Such NRO accounts can be converted into a regular bank accounts once they become citizens of India.
What is an NRO account?
Can a Bangladeshi or Pakistani national or an entity owned or controlled from Bangladesh or Pakistan have an account in India?
Source: Indian Express
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