Q: Can the NRI deposits be prematurely extended to get the benefit of higher interest rate?
A: Yes, the deposit will earn interest without penalty for the period it has run, provided it has run for the minimum maturity period and thereafter at the higher interest
Q: Can FCNR(B) receipt be issued against rupee draft purchased from the exchange houses with whom UBI has rupee drawing arrangements?
A: Yes, However, the value date of the FCNR(B) receipt will be the date of conversion of the Rupee funds into FC. In case of NRE deposit created out of the proceeds of such drafts, value date can be...
Q: Will the bank renew NRE/FCNR(B) deposits automatically?
A: Yes, provided automatic renewal instruction is given at the time of opening the deposit in which case, it will be automatically renewed for an identical period
Q: Can NRI place deposits with companies on repatriation basis?
A: Yes, provided the company accepts the deposits under public deposit scheme for a period not exceeding 3 years and has obtained necessary ratings, etc.
Q: How do I convert my pio to oci
A: OCI conversion scheme was introduced in 2005 by the Government of India in the light of growing demands by the Non-Resident Indians for the approval of dual citizenship status, The PIO card holders...
Q: What is the percentage of seats reserved for NRIs and PIOs in the Indian educational institutes and universities?
A: 1/3 of the 15 percent supernumerary seats in educational institutions (except medical) are reserved for children of NRIs in the Gulf and South East Asia
Q: Is registration of NRI marriages compulsory in India?
A: Keeping in view the frequent reports regarding failed and fraudulent marriages between overseas Indian grooms and Indian girls, the National Commission for Women (NCW) has recommended that NRIs...
Q: What are the emigration rules for Indian nationals? Which categories do not require emigration checks?
A: Indian Nationals intending to go overseas for the purpose of employment need to undergo an emigration check done by the Protector of Emigrants (POEs).
Q: If a non-resident is willing to invest in the equity shares or debentures of an Indian company by utilizing its foreign currency as a medium of purchase, then are there any specific provisions relating to the taxability such shares?
A: In case of a non‐resident, capital gains arising from the sale of shares, or debentures of, an Indian company shall be computed by converting the cost of purchase, and the sale consideration...
Q: Is interest earned on NRE and NRO deposit accounts taxable?
A: The interest earned on deposits in an NRE account is exempt from tax in the hands of the NRI while the interest earned on deposit in the NRO account is taxable in India.