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Question: What is the Resident Foreign Currency Account Scheme?
Raju Kanumuri: This is a Scheme drawn up by the Reserve Bank permitting Returning Indians to open foreign currency accounts with banks in India for holding funds brought by them to India. This facility replaces the earlier (RIFEE) facility. Source : Reserve Bank Of India
Q: Can an NRI buy property in India without an Indian citizenship?
A: Only individuals with Indian Citizenship are allowed to own property in India or they should at least own an OCI Card ( Overseas citizenship of India )
Q: Can NRIs avail loans for acquisition of residential properties in India?
A: As per the Reserve Bank Of India guidelines, NRIs can avail bank loans from only certain financial institutions in the country. The regulations/conditions will be at par with those applicable to...
Q: What should be the method of payment for NRIs to purchase property in India?
A: NRIs/PIOs are only allowed to purchase properties by funds remitted/routed through normal banking channels or funds in NRE/FCNR accounts maintained with banks in India.
Q: Can NRI transfer their property by way of sale?
A: As per the current guidelines, NRIs/PIOs are allowed to transfer their properties by way of sale.
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: Can US citizen with OCI avoid paying Indian taxes on US income?
A: For taxation purposes, normally a person can be considered to be a resident or non-resident (NRI) of India. Where as Indian residents must pay taxes on their worldwide income, NRIs on the other...
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