NRI BankingBanks holding authorized dealers' licenses (i.e. Banks authorized to deal in foreign exchange or banks specifically authorized in this behalf by Reserve Bank can only maintain accounts in the names of NRIs. Certain Co- operative/commercial banks (referred to as authorized banks) have been specifically permitted to maintain accounts of NRIs expressed in rupees even though they are not authorized dealers.
Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, are maintained with authorized dealers only.
Rupee Accounts: - NRO and NRE accounts can be maintained in current/savings/ fixed deposit form while NRNR accounts can be only in fixed term deposits.
Three types of rupee accounts Viz. Non-resident (External) Rupee Accounts (NRE account), Ordinary Non- resident Rupee Account (NRO accounts ) and Non-resident (Non-repatriable) Rupee Deposit accounts (NRNR) are permitted to be maintained.
Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRO account cannot be remitted abroad but used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can only be credited to NRE accounts. Funds which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.
Foreign Currency Accounts: - Accounts in foreign currencies (FCNR accounts) can also be maintained by NRIs with authorized dealers in India. FCNR Accounts permitted to be maintained in Pound Sterling, U.S. Dollar, Deutsche Mark and Japanese Yen. Authorised dealers maintaining these accounts would allow repatriation abroad of these funds.
See AlsoGroup of Companies
Naya Ghar Twonship Pvt. Ltd. has the following 100% subsidiary Companies, Realtor IndianEngaged in Property related services through the Property PorNet Lease
In commercial real estate, a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses which normally wouldLeadership Development
In today’s matrixed global companies, an organization’s strategy and direction can be set by a handful of leaders. But for those strategies to be FDI in India
Foreign direct investment (FDI) is a good source of financing sustainable development in a country. This term is referred to the movement of capital aCode of Conducts