Can Returning Indians continue to maintain their existing NRE/FCNR/NRO accounts in India?
Question: Can Returning Indians continue to maintain their existing NRE/FCNR/NRO accounts in India?
Raju Kanumuri: No. Returning Indians are required to redesignate immediately on their return to India their NRE/FCNR accounts as resident rupee accounts or transfer the balances held in their NRE/FCNR accounts to Resident Foreign Currency (RFC) Accounts (if eligible). The Non Resident (Ordinary) (NRO) accounts also have to be redesignated as resident rupee accounts. The funds held in NRO accounts cannot be credited to RFC accounts.
Source : Reserve Bank Of India
Q: Do any documents need to be filed with RBI after property purchase?
A: An NRI / PIO who has purchased residential/commercial property under general permission is not required to file any documents with the Reserve Bank.
Q: Can residential/commercial property be mortgaged?
A: i) NRI / PIO can mortgage to:
(a) an authorized dealer/housing finance institution in India without the approval of Reserve Bank.
(b) a party abroad - with prior approval of Reserve Bank.
Q: How can an NRI/PIO make payment for the purchase of the residential/commercial property in India?
A: Payment can be made by NRI / PIO out of
(a) funds remitted to India through normal banking channel or
(b) funds held in NRE / FCNR(B) / NRO account maintained in India.
No payment can be made...
Q: Can a person who had brought immovable property when he was a resident, continue to hold such property even after becoming an NRI/PIO?
A: Yes, he can continue to hold the residential/commercial property / agricultural land/ plantation property/farm house in India without the approval of the Reserve Bank.
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.