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In terms of Gazette Notification of Ministry of Home Affairs, Government of India, on and from 9th January, 2015 all the existing Persons of Indian Origin Cardholders Registered as such shall be deemed to be Overseas Citizens of India (OCI) Cardholders. Overseas Citizen of India is defined as under: Any person of full age and […]
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: […]
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 […]
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) • […]
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 […]
Diamond Dollar Account – Firms and companies which comply with the eligibility criteria stipulated in the Foreign Trade Policy of the Government of India may open DDA accounts. The salient features of the Scheme are: An entity with a track record of at least 2 years in import / export of diamonds /coloured gemstones / […]
The Special Drawing Right (SDR) is an interest-bearing international reserve asset created by the IMF in 1969 to supplement other reserve assets of member countries. Special Drawing Right is based on a basket of international currencies comprising the U.S. dollar, Japanese yen, euro, pound sterling and Chinese Renminbi. It is not a currency, nor a […]
Know the various steps for Foreign Students to Open Bank Accounts in India – Any Banks in India can open the bank account of the foreign students in India as per the guidelines stipulated by the Reserve Bank of India (RBI) following the new know your customer (KYC) rules. Banks can open non-resident ordinary (NRO) accounts […]
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