As per Foreign exchange management act, remmittance of interest income on funds held in Non resident special ruppee (account ) scheme is prohibited.
which are these accounts ?
For what purpose these are used ?
To simplify the banking operations of NRI in India, they can open Non Resident special rupee account in India.
This account are in Indian currency and can be used to make local transactions in India. It is as good as saving account.
However they are not allowed to remit funds from this account to abroad.
CAclubindia
