How do NRE, NRO and NRSR accounts differ
Question: How do NRE, NRO and NRSR accounts differ?
Raju Kanumuri: Balances held in NRE accounts can be repatriated abroad freely, whereas funds in NRSR and NRO account cannot be normally remitted abroad but have to be used only for local payments in rupees. Consequently, funds remitted from abroad or local funds which can otherwise be remitted abroad to the accountholder can only be credited to NRE accounts.
Q: How much foreign currency can an NRI bring along with him on his/her visit to India, without customs declaration form (CDF)?
A: An individual NRI can bring USD 10,000/- or equivalent (in the form of FCTC/FC) of which maximum USD 5000/-can be in the form of currency notes without declaring the same in CDF. Any amount in...
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 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.