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RBI gesture for NRIs

By Our Special Correspondent

MUMBAI DEC. 10. The Reserve Bank of India today allowed the sole holder of 6.5 per cent Savings Bond 2003 (non-taxable) and 8 per cent Savings Bond (taxable) to nominate a non-resident Indian (NRI) as his nominee in respect of interest or redemption value of the investment in the bonds. Further the nomination would be registered in the books of the banks and agencies, RBI stated in a release here today. It also stated that the normal regulations in regard to the foreign remittances as applicable to NRIs from time to time will continue to govern these cases.

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