What funds can be credited to RFC accounts of Returning Indians?
Question: What funds can be credited to RFC accounts of Returning Indians?
Raju Kanumuri: The Returning Indians can credit to RFC accounts, the entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their Not Resident (External) (NRE) and Foreign Currency Non-Resident (FCNR) accounts.
Source : Reserve Bank Of India
Q: What are the options available to the depositor at maturity of FCNR account?
A: There are three options available to a depositor at maturity of FCNR account :
a. To ask for the repayment in designated foreign currency.
b. To ask for the repayment in Indian rupees or in any...
Q: What type of NRE accounts can be opened by NRI?
A: All types of account that is current, savings, recurring and term deposit can be opened under NRE accounts scheme. NRE accounts can be opened in single or joint name. However, in case or account...
Q: Is interest earned on NRE account exempt from tax?
A: Interest on NRE account is not exempt from Income tax and balances to the credit of NRE account are not exempt from wealth tax
Q: What type of NRO account transactions are permitted to NRI?
A: All types of transactions of deposits and withdrawals to and from NRO account are normally permitted. However, the RBI has prescribed certain transactions requires to be reported to RBI in...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.