Can an NRI repatriate money out of balances held in NRO accounts
Question: Can an NRI repatriate money out of balances held in NRO accounts?
Raju Kanumuri: Interest earnings can be repatriated. In addition to this, remittances up to USD 1 million per the calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million.
Q: Can Indian company take a loan from a foreign bank?
A: Yes, an Indian company can borrow loans in foreign currency from a foreign bank. These are known as foreign currency term loans or external commercial borrowings.
Q: What are the documents required for a home loan for NRI?
A: The following are the documents required to get home loans for an NRI:
* Employer Identity Card
* Attested copy of passport and visa
* Address proof mentioning the current overseas address
Q: Can NRI take a loan against property?
A: Yes an NRI can take a loan to buy residential/commercial property in India. Many prominent lending institutions in the country offer the facility of loan against the property to NRI's at attractive...
Q: Can NRI get a loan in India?
A: Yes an NRI can get a personal loan in India. Personal loan for NRIs is a good option to receive quick financing for different requirements.
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: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.