Q: Are debits and credits to NRO accounts allowed freely by banks maintaining the accounts?
A: Yes, individual credits beyond rs.10,000 are however supported by documentary evidence to indicate that the funds represent legitimate dues of the account holder.
Q: Are NRIs permitted to maintain accounts in rupees or in foreign currency?
A: Accounts can be maintained by NRIs either in rupees or in foreign currency.
Q: Are FCNR accounts permitted to be maintained in the form of a current/ savings account?
A: No. FCNR Accounts can be maintained only in the form of "term deposit" i.e. a deposit kept for a fixed period or which is subject to withdrawal or repayment after notice.
Q: Can a trading account be opened for a person's resident outside India who had been allotted shares under ESOP scheme?
A: Listed Indian companies are allowed to issue shares under the Employees Stock Option Scheme (ESOPs), to its employees or employees of its joint venture or wholly owned subsidiary abroad who are...
Q: Can OCI have NRO account?
A: NRI can open NRO, NRE accounts if the intention of the individual is to stay in India for an uncertain period of time, then a resident account is allowed. OCI holders now settled in India should...
Q: Are interest rates on FCNR deposits liable for periodic revision?
A: The rates are based on the rates prevailing in international markets for the currencies concerned for deposits of comparable maturities and are therefore liable for change. But deposits will...
Q: What about debts to FCNR account for local payment?
A: Bebits are local payments and are allowed freely.
Q: Can NRI maintain all type of NRI accounts or just one type of account?
A: NRIs can maintain all types or one type of NRI accounts with bank branches in India.
Q: What type of transactions are allowed under Non-PIS account?
A: *Sale of shares which were acquired other than PIS.
*Shares acquired through IPO's.
*Gifts from relatives or otherwise.
*Shares bought as resident Indian.
*Fresh acquisition through IPO's....
Q: What is a non-PIS account?
A: It is a normal savings account which can be opened with any bank in India. Non-PIS is an account for which the transactions are not reported to RBI. This account takes care of all shares which are...