Can AD Category-I banks remit proceeds of such accounts on closure?
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Can AD Category-I banks remit proceeds of such accounts on closure?
Yes. But AD Category-I banks should ensure that the funds to be repatriated outside India were either received from abroad or they are repeatable in nature or permissible in terms of RBI notification No. FEMA 13/2000 dated 3rd May 2000, as amended from time to time.