Difference Between NRO Account and NRE Account Difference Between NRO Account and NRE Account : Eligibility Eligibility for Non-Resident (External) Rupee Account Scheme – NRE Account : – Non-resident Indians (NRIs) and Person of Indian Origin (PIOs) are permitted to open and maintain these accounts with authorised dealers and with banks (including cooperative banks) authorised by the Reserve… Read More »
RBI has issued the following Notifications relating to NRO Account, NRE Account, FCNR Account , SNRR Account THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 1st April, 2016 No. FEMA 5(R)/2016-RB Foreign Exchange Management (Deposit) Regulations, 2016 G.S.R. 389(E).—In exercise of the powers… Read More »
Non-Resident (External) Rupee Account Scheme (NRE) The amount (principal as well as interest) is freely repatriable. Transfer from/to FCNR(B) account is freely permitted. Statutory provisions are contained in schedule 1 of Foreign Exchange Management (Deposit) Regulations, 2000. The provisions are summarised below— Form of account – The accounts may be maintained in any form, e.g.… Read More »