According to regulations, Non-Resident Indians (NRIs) can repatriate abroad interest earnings from NRO accounts. In addition to this, remittance/s up to USD 1 million per calendar year from balances in NRO accounts subject to payment of applicable taxes is allowed for any purpose up to an aggregate value of USD 1 million...
With effect from March 4, 2002, the existing NRNR Term Deposits shall continue till the date of maturity. Only on the due date of the deposit, the maturity proceeds of the NRNR term deposit will be credited to the accountholders NRE rupee Savings or NRE rupee Term Deposit accounts. The depositor also has the option to credit proceeds to an NRO account. The proceeds of the NRNR Term Deposit on maturity cannot be credited to an FCNR (B) account. All premature withdrawals of NRNR fixed deposits will be credited only to NRO accounts. The existing NRSR fixed deposits shall continue till maturity. On due date, proceeds of these deposits can be credited to the NRO account of the depositor. On premature encashment of NRSR Term Deposits, the depositor has the option of reinvesting the proceeds to an NRO account only What are the benefits of RFC accounts? Returning NRI who was resident outside India earlier and is returning now for permanent stay is permitted to open RFC account. The benefit of RFC account is that in case of conversion from FCNR (B) accounts, there is no exchange loss.MOREhttp://investinindia.sulekha.com/what-are-the-new-terms-governing-nrnr-nrsr-accounts_02_2014_blog-post_5626
According to regulations, credits to the NRE account through funds from a local source would be permissible only if the funds are repatriable.MOREhttp://investinindia.sulekha.com/what-are-the-permissible-credits-to-nre-account-1_02_2014_blog-post_5616
According to regulations, a Resident Indian is allowed to give shares as gifts to his visiting Non Resident Indian (NRI)/ Person of Indian Origin (PIO) relatives.MORE http://investinindia.sulekha.com/can-a-resident-indian-gift-shares-to-nri-relatives_02_2014_blog-post_5593
According to regulations, a Non-Resident Indian (NRI) can open, hold and maintain different types of accounts with banks in India. The rules further add that the NRI can open joint accounts with one or more NRIs. It is not necessary that the other NRIs with whom the joint bank accounts are opened in India reside in the same country. However, NRIs cannot open NRE & FCNR accounts jointly with local residents. However, they can open and maintain NRO Account jointly with local residents. Further, individuals resident in India are permitted to include non-resident close relative(s) as a joint holder(s) in their resident bank accounts on 'former or survivor' basis
According to regulations, a power of attorney can be appointed by a Non-Resident Indian (NRI) to operate NRI accounts on his/her behalf subject to certain restrictions. The Power of Attorney can make local payment from NRI's NRE / NRO accounts and also make investments on his / her behalf. However, a Power of Attorney cannot open and close NRI accounts in the name of the NRI, repatriate funds from accounts in the form of DD/TT, give gifts, transfer funds to NRE accounts other than that of principals', cannot raise loans/execute documents on behalf of NRI and cannot tender foreign currency.
According to regulations, a Non-Resident Indian (NRI) can without the permission from the Reserve Bank of India (RBI) open, hold and maintain different types of accounts with an Authorised Dealer in India, i.e. a bank authorised to deal in foreign exchange. The accounts include FCNR, NRE and NRO accounts. The regulations add that an individual taking up an employment, business, vocation abroad etc. can open an account with zero balance and complete the account opening formalities prior to going abroad. Subsequently, he must remit funds to make the account operative within a reasonable time, where after only cheque book will be issued.
A person resident in India who has gone abroad for studies or who is on a visit to a foreign country may open, hold and maintain a Foreign Currency Account with a bank outside India during his stay outside India, provided that on his return to India, the balance in the account is repatriated to India. However, short visits to India by the student who has gone abroad for studies, before completion of his studies, shall not be treated as his return to India.
A person resident in India who has gone out of India to participate in an exhibition/trade fair outside India may open, hold and maintain a Foreign Currency Account with a bank outside India for crediting the sale proceeds of goods on display in the exhibition/trade fair. However, the balance in the account is repatriated to India through normal banking channels within a period of one month from the date of closure of the exhibition/trade fair.