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Latest Questions

Q: Can an NRI deposit a foreign currency cheque or draft at any bank in India?

A: Yes an NRI can deposit foreign currency cheque or draft at an NRI service center in India. since the draft is sent overseas for collection it would take between 14 to 21 days to credit the proceeds...

Q: Can an NRI repatriate money out of balances held in NRO accounts?

A: Interest earnings can be repatriated. In addition to this, remittances up to USD 1 million per the calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for...

Q: Can I repatriate funds from my NRO account to the USA?

A: Yes, an individual can repatriate money from his/her NRO Account using his/her accounts in prominent banks subjected to the following conditions: *Repatriation of funds from NRO account is...

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 NRE term deposits be extended/closed during the tenure of the deposit?

A: The period of NRE term deposits can be extended during the tenure of the deposit, but for a period longer than the remaining period of the deposit. The period of the extended deposit shall be a...

Q: hey there. Is OCI card holder can open a bank account with PAN card only because i don't have Adhaar card?

A: Yes, PAN card issued by the income tax department can be used to open a bank account.

Q: What is a non-PIS account?

A: It is a normal savings bank account which can be opened by any bank in India. Non-PIS is an account for which the transactions are not reported to RBI. This account takes care of selling all those...

Q: Are funds in NRE/FCNR accounts Re-Patriable?

A: All amounts in the various NRE / FCNR deposits accounts are fully repatriable.

Q: Can an NRI maintain a bank account in India?

A: Yes. NRIs can maintain accounts in rupees as well as in foreign currency.

Q: Are indexation benefits available to NRIs?

A: Rates chargeable under Income Tax Act, 1961 is 20% with Indexation and 10% without indexation. NRIs are allowed 10% tax on LT gains arising out of only listed shares and securities. The same...