News

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Satya Nadella and Sunder Pichai attend White House Tech Summit

Economic Times

Rattan Lal honoured with Glinka World Soil Prize 2018

Economic Times

Post-Choksi, wealthy Indians rush to buy new passport

Economic Times

Nasscom raises concerns over US govt latest proposal on H1-B visas

Economic Times

India to retain top position in remittances with $80 billion: World Bank

Economic Times

Tulsi Gabbard to hear from Indian-Americans on possibility of a Hindu running for US presidency in 2020

Economic Times

NRI Guide

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How To Exchange Indian Rupee To US Dollar In USA
How To Exchange Indian Rupee To US Dollar In USA

With the growing population of visitors (for various reasons such as education, career, and medical, among others) to...

Checklist For Travelling To USA From India
Checklist For Travelling To USA From India

Every country has mandated instructions for any visitor visiting the country which needs to be followed by the...

Temporary Green Card Travel Restrictions
Temporary Green Card Travel Restrictions

Green Card or a Permanent Resident Card is issued to all the permanent residents of USA which serves as a proof that...

How To Repatriate Money From NRO Account
How To Repatriate Money From NRO Account

Repatriation of funds becomes necessary when an individual settled outside India has some immovable assets which he...

How to Apply Passport For Infants
How to Apply Passport For Infants

A Passport is a very important document, more so in order to prove and certify the identity of the passport holder....

Do Foreign Banks Report to IRS
Do Foreign Banks Report to IRS

Yes, the Foreign Banks do report to the IRS. Foreign Account Tax Compliance Act (FATCA), passed in 2010 makes it...

Articles

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Ask, Answer & Discover

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Q: Are debits and credits to NRO accounts allowed freely by banks maintaining the accounts?

A: Yes, individual credits beyond rs.10,000 are however supported by documentary evidence to indicate that the funds represent legitimate dues of the account holder.

Q: Are NRIs permitted to maintain accounts in rupees or in foreign currency?

A: Accounts can be maintained by NRIs either in rupees or in foreign currency.

Q: Are the balance held by the non-resident in their NRO account repatriable?

A: The balance held in NRO accounts continue to remain non-repatriable. The deposits representing only current income (like pension, dividend, rent, interest etc.) will be permitted to be repatriated...

Q: What is the penalty for premature withdrawal of an FCNR deposit?

A: Interest in such cases is paid at one percent below the interest rate payable for the period for which the deposit has actually remained with the bank.

Q: Are FCNR accounts permitted to be maintained in the form of a current/ savings account?

A: No. FCNR Accounts can be maintained only in the form of "term deposit" i.e. a deposit kept for a fixed period or which is subject to withdrawal or repayment after notice.

Q: How NRI/PIO can remit sale proceeds?

A: In case of NRI/PIO, if the shares sold were held on repatriation basis, the sale proceeds (net of taxes) may be credited to his linked NRE /FCNR(B)/NRO accounts of the NRI/PIO, whereas sale...