NRE- NON RESIDENT EXTERNAL Accounts are for Non Resident Indians. An NRE Account can be of the type, Savings, Fixed Deposit and Current:
Here is the specification of NRI and NRE Accounts
NON RESIDENT (EXTERNAL) - [NR (E) ]
1.
Definitions :
01.
"Non Resident Indian" (NRI) means an Indian citizen or a foreign citizen of Indian origin (excluding citizens of Bangladesh and Pakistan) residing outside India.
Recently RBI has clarified that students studying abroad also be treated as NRIs under FEMA and accordingly be eligible for foreign investments and NRE/FCNR a/cs
[Regulation._______________ ]
02.
"Overseas Corporate Body" (OCB) means a Company, Partnership Firm, Society etc. wherein 60 % or more ownership lies with NRIs or a Trust wherein 60 % or more financial interest is irrevocably held by NRIs.
[Regulation.____________ ]
03
"Person of Indian Origin "(PIO) means a person who;
iat any time held an Indian Passport, or
ii
himself or his parents or grant parents were citizens of India, or
iii
is a spouse of an Indian citizen, or
iv
is a spouse of person referred to in (i) or (ii) above.
[Regulation.____________ ]2.
Non Resident (External) Rupee Account - [NR(E)].01
ELIGIBILITY
An NRI (or an OCB uptill 3-10-2003) can maintain the account. Account holder is required to open the account personally. Power of attorney can not open the account..02
TYPE Of ACCOUNTS
Savings, Current, Recurring Deposit or Fixed Deposits..03
MODE OF DEPOSIT
Foreign Exchange transfer from abroad/from NRE/ FCNR(B) Account of account holder or another NRI or Deposit of Foreign Exchange during visit to India..04
PERIOD
12 Months to 120 months. .05
JOINT HOLDING
Two or more NRIs may open a joint account. .06
REPATRIATION
Principal and Interest - both Fully Repatriable..07
INTEREST
Compounded quarterly..08
LOANS
Available to account holder as well as third party resident in India.
LOANS IN INDIA-To ACCOUNT HOLDER : For business, investment in shares & securities, purchase of house property for own residential purpose and any other personal purpose.
LOANS IN INDIA-To 3RD PARTY : For personal or business purpose.
LOANS OVERSEAS : Fund based/ non fund based facility for any bonafide purpose..09
TRANSFERS
Transfer to NRE/FCNR(B) Account of the account-holder or any other NRI permitted.
Gift to Resident/NRI permitted.( POWER OF ATTORNEY holder CAN NOT GIFT.).10
ATTORNEY
An attorney can operate an account but can not open the account, make gift, transfer funds to another NRE Account nor remit abroad.However w.e.f 15-3-2005 an attorney can withdraw for local payments or remittance to the account holder himself through normal banking channels..11
NOMINATION
Permissible..12
RENEWAL / TRANSFER
.01
Can be renewed and easily transferred to account holder's another NRE / FCNR(B) account.
.02
Transfer to another NRI's NRE / FCNR(B) account permitted.
.03
Transfer abroad by way of remittance - Allowed.
The account can also be shifted from one authorized dealer to another..13
MODE OF REMITTANCE
Permitted in any convertible foreign currency.14
PREMATURE
WITHDRAWAL
Permissible - However, For period of less than 6 Months - No Interest payable - Above 6 Months -Subject to Penalty -as per Bank Rules..15
EXCHANGE RATE
At Banks Buying / Selling Rate..16
TAXABILITY
01
Interest exempt from Income Tax.
02
Balance not subject to Wealth Tax.
03
No Gift Tax provisions in India. Hence no gift tax liability on gifts from NRE account. However w.e.f 1-4-2006 u/s 56 of the I.T Act amount received in excess of Rs.50000 by way of gifts to be included in individual's income and chargeable to income tax. Gift from specify relatives are exempt. .17
RETURNING NRIs
01
NRE account is to be redesignated as Resident Account immediately upon return, or
.02
Funds be transferred to Resident Foreign Currency (RFC) Account immediately upon return..18
PERMITTED CREDITS
a)
Proceeds of remittances to India in any permitted foreign currency.
b)
Proceeds of personal cheques drawn by the account holder on his foreign currency account and/or travelers cheques, bank drafts payable in any permitted currency including instruments expressed in Indian rupees for which reimbursement will be received in foreign currency, deposited by the account holder in person during his temporary visit to India, provided the authorized dealer/bank is satisfied that the account holder is still resident outside India, the travelers' cheques/drafts are standing/endorsed in the name of the account holder and in the case of travelers' cheques, they were issued outside India.
c)
Proceeds of foreign currency/bank notes tendered by account holder during his temporary visit to India, provided :
(i) the amount was declared on a Currency Declaration Form(CDF)4, where applicable, and
(ii) the notes are tendered to the authorized dealer in person by the account holder himself and the authorized dealer is satisfied that account holder is a person resident outside India.
d)
Transfers from other NRE/FCNR(B) accounts.
e)
Interest accruing on the funds held in the account.
f)
Interest on Government securities and dividend on units of mutual funds, provided the securities/units were purchased by debit to the account holder's NRE/FCNR(B) account or out of inward remittance through normal banking channels.
g)
Maturity proceeds of Government securities including National Plan/Savings Certificates as well as proceeds of Government securities and units of mutual funds sold on a recognized stock exchange in India and sale proceeds of units received from mutual funds, provided the securities/units were originally purchased by debit to the account holder's NRE/FCNR(B) account or out of remittances received from outside India in free foreign exchange.
h)
Refund of share/debenture subscriptions to new issues of Indian companies or portion thereof, if the amount of subscription was paid from the same account or from other NRE/FCNR(B) account of the account holder or by remittance from outside India through normal banking channels.
i)
Refund of application / earnest money / purchase consideration made by the house building agencies / seller on account of non-allotment of flat / plot / cancellation of bookings / deals for purchase of residential / commercial property, together with interest, if any (net of income tax payable thereon), provided the original payment was made out of NRE / FCNR account of the account holder or remittance from outside India through normal banking channels and the authorised dealer is satisfied about the genuineness of the transaction.
j)
Any other credit if covered under general or special permission granted by Reserve Bank..20
PERMITTED DEBITS
a)
Local disbursements .
b)
Remittances outside India.
c)
Transfer to NRE/FCNR(B) accounts of the account holder or any other person eligible to maintain such account.
d)
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 general/special permission granted, by the Reserve Bank.
e)
Any other transaction if covered under general or special permission granted by the Reserve Bank.
.21
DECLARATION OF AMOUNT
In Currency Declaration Form (CDF)4 where applicable.
Yes, an NRI or Foreign National can be a Partner after obtaining a DPIN. At least, one of the partners has to be a resident Indian citizen.
Laxminivas Mittal, the CEO of Arcelor Mittal
NRI Remittances are money transfer back to India as done by Non-Resident Indians living abroad (i.e. outside India). These remittances are sometimes called workers remittances or home remittances.
The Canara bank web site has the normal online banking services. However they do not advertise any online access to their NRI services between the United States and India.
Yes credit cards may be issued to NRI by Indian Banks as per RBI circular. rbidocs.rbi.org.in/rdocs/notification/PDFs/33116.pdf‎ The banks however are not keen to issue them.
what is nri deposits
Nri stands for non resident indian
Kingdom of Nri ended in 1911.
Kingdom of Nri was created in 948.
Cyril Nri was born in 1961, in Nigeria.
no vijay mallya is not NRI. he is th member of rajya sabha.
NRI Academy of Medical Sciences was created in 2000.
Because NRI is read as En-Ar-I so it starts with a vowel sounding "A". So an NRI is the correct usage as "a" or "an" are used according to the sound and not according to the letters.If you use the full form, you will have to make use of "a" i.e. "A non resident Indian".
no
No, an NRI or Foreign National cannot be a Shareholder in a one person Company.
No NRI seats in VJTI , admissions only through MH-CET
I want to know the email add of shankar nagar (nri branch) delhi