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Q: What are the different types of accounts that a NRI can open in India ?

A: NRIs / OCBs are permitted to maintain accounts with authorized banks in India, wherein they can remit the funds from abroad. The following types of accounts can be opened by NRIs: NRE (non...

Q: Do resident donees or legal heirs require the Reserve Bank permission to receive or hold foreign currency assets by way of gift or inheritance from Returning Indians or from those holding assets since prior to July 8, 1947 with the permission of the Reserve Bank?

A: No. Resident donees or legal heirs of the persons covered under the general permission/exemption granted by the Government of India can continue to maintain their foreign currency assets provided...