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Who Can Open an NRO Bank Account ?

NRO Bank Account - Any person resident outside India (other than a person resident in Nepal and Bhutan). (individuals / entities of Bangladesh / Pakistan nationality / ownership as well as erstwhile OCBs require prior approval of RBI). NRIs/PIOs/OCIs can open an NRO account. Under prevailing FEMA regulations, you will be considered an NRI if: You are residing overseas (except Nepal or Bhutan) for more than 182 days in one Financial Year (April–March); or You have demonstrated an intent to go abroad...

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Forex

Who is Person of Indian Origin (PIO) ?

Person of Indian Origin [PIO] means a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the central government, satisfying the following conditions: i. Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or i. Who belonged to a territory that became part of India after the 15th day of August, 1947;...

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Forex

Who Can Open a NRE account with Bank ?

The following individuals can open a NRE account without prior approval of RBI. • Non Resident Indian (i.e. An Indian Citizen, who have gone abroad for gainful employment or for carrying on a business or vocation or for any other purpose in circumstances indicating an intention to stay outside India for an uncertain duration) • A Person of Indian Origin (PIO)/ OCI (Overseas Citizens of India). • Crew members having Indian Nationality or of Indian origin employed by Shipping companies/Airlines,...

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Paytm to partner with SBI, Axis, HDFC and Yes Bank For UPI Payments

Paytm to partner with SBI, Axis Bank, HDFC and Yes Bank for enabling UPI transactions : - India's troubled Paytm is likely...

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Forex

What are the Permitted Debits in NRE account?

The followings are the permitted debits in NRE account of an Individual with any of the banks in India. i. Local payments. i. Remittances abroad. ii. Transfer to NRE/FCNR (B) accounts of the same account holder. iv. Transfer to NRE account of person other than the account holder subject to conditions. v. Investment in shares/securities /commercial paper of an Indian company or for purchase of immovable property in India provided such investment/purchase is covered by the regulations made or the...

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