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In Banking terminology, the term NRE Account refers to funds deposited with a financial institution that allows for the efficient conversion and transfer of Indian and Foreign currency both within and outside of India. NRE account allows you to keep your money in Indian rupees.
NRE Account can only be opened in India by an NRI (Non-Resident Indian) or by an Indian Origin / Nationality who has lived outside of India.
Q: Can NRI acquire residential property by way of gift?
A: Yes, the Reserve Bank has granted general permission to NRIs/PIOs to acquire or dispose of commercial or residential properties by way of gift from or to a person resident in India or NRI or PIO....
Q: How is the stamp duty payable on purchase/sale of any immovable property determined?
A: Stamp Duty is payable on ‘Government Market Value’ of property or the consideration agreed to be paid for the purchase of the same, whichever is higher. In areas within the limits of the Municipal...
Q: What is e-stamping notarising?
A: Any legal document which is not executed on a stamp paper has to be registered with the Government by paying the necessary judicial charges. This is called e-stamping/franking. Though printed on...
Q: What is the difference between agreement to sell and sale deed?
A: Agreement to sell is a legal document which is executed between the builder and the customer after the customer has paid 20% of the agreement value of the apartment. This document will have the...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Can US citizen with OCI avoid paying Indian taxes on US income?
A: For taxation purposes, normally a person can be considered to be a resident or non-resident (NRI) of India. Where as Indian residents must pay taxes on their worldwide income, NRIs on the other...
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