Is the PIS account required for an NRO account?

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No, PIS permission is not required for an NRO (Non-Resident Ordinary) account.

Previously, the NRI had to open NRE and NRO accounts under PIS regulated by RBI. Now, the RBI regulatory norms have been relaxed for NRO account holders to transact easily without following PIS rules.

The buying and selling transactions are executed through the NRI demat account and NRI Savings account with the stock exchange and bank, respectively.

Topic: Portfolio Investment Scheme (PIS) Defenition

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