Reserve Bank of India has advised that Authorised Dealers cannot
accept fresh deposits by way of renewal or otherwise under NRNR
Scheme with effect from April 1, 2002. Overdue NRNR deposits could
not be renewed. Matured and overdue non-resident non-repatriable
(NRNR) deposit receipts presented for renewal after April 1, 2002 may
be credited to the non-resident external (NRE) accounts of the
deposit holder on the date of presentation. If the NRNR deposit
holder does not hold NRE account, he may be allowed to repatriate the
maturity proceeds of the NRNR Deposit outside India.

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