Q: How do NRE, NRO and NRSR account differ?
A: 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....
Q: What is the difference between NRE and NRO accounts?
A: *NRE Account: A Non-Resident External Account is abbreviated to an NRE account. An NRE account can be opened in an Indian bank, and can also be opened in the form of a savings, current (or...
Q: What is PPF account and what are the benefits and tax exemptions of PPF account?
A: Public provident fund (PPF) scheme is a popular long-term investment option backed by the government of India which offers safety and an attractive interest rate and returns that are fully exempted...
Q: I have PIO card issued in 2011like apassport type prints. is it valid to travel to India?
A: *The government of India has notified that all existing PIO card holders shall be deemed to overseas citizens of Indian cardholder (merger of PIO to OCI)
*Until applicants are in receipt of an OCI...
Q: Can two separate trading account i.e (NRE and NRO) open by NRI?
A: Yes. Clients can have two separate trading accounts based on NRE & NRO.
Q: How many PIS account can an NRI open?
A: NRI/PIO can open only one PIS account with any designated banks (Preferred bank – UTI Bank) in a prescribed format for PIS account, upon which the bank can issue a PIS approval letter to the investor.
Q: Is it possible to convert the status of an NRI mutual fund account to a resident Indian?
A: Yes, an NRI client is eligible to convert the status of his account to a resident as per the Section 6(5) of FEMA. But, few formalities are to be fulfilled. The client has to hold the...
Q: What type of transaction is allowed under non-PIS account?
A: Sale of shares which were acquired other than PIS. Shares acquired through IPOs. Gifts from relatives or otherwise. Shares bought as resident Indian. Fresh acquisition through IPO's. Investment in...
Q: What are the types of non-PIS account?
A: There are two types of NON-PIS account
*NRE NON-PIS account
*NRO NON-PIS account
Q: Can a person who returns to India after a short assignment abroad open an RFC account?
A: Yes he can open an RFC account.