Q: Can an OCI be given Power Of Attorney?
Q: How long will it take to process an application?
A: can you please mention the application name which you want to process.
Q: Can an NRI and person resident in India have a joint demat account?
A: Yes. For the purpose of determining ownership of holding, the first holder is taken into account. Hence, even though other joint holders may be person resident in India, the sale proceeds of such...
Q: Is the amount held under FCNR deposit repatriable?
A: Yes, both interest and the principal amount is fully repatriable in foreign currencies.
Q: Can resident Indian holder of Power of Attorney be permitted to operate the account?
A: Yes, resident Indian can give instructions about operations in the account but can remit the amount abroad only to the account holder.
Q: Is the FCNR(B) account interest amount taxable?
A: The FCNR interest amount is not taxable under income tax rules.
Q: Can FCNR(B) accounts be opened jointly with Indian residents?
A: Yes, NRIs are permitted to open FCNR account with their close relative on 'former or survivor' basis.
Q: Which type of accounts can be opened under FCNR (B)?
A: Only term deposit with a maturity of minimum one year and a maximum of five years can be opened under FCNR account.
Q: Are NRIs permitted to maintain accounts in rupees and in foreign currency?
A: Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authorised dealers only.
Q: Can proceeds of foreign currency notes/ traveler's cheque be credited to NRE accounts without any restrictions?
A: Authorized dealers have been permitted to credit the proceeds of foreign currency notes/traveler's cheques brought by the account holder from abroad during his visit to India provided they are...