📝 One-liners · 66 cards
Operational Asepcts Of Nri Business-II
What is the full form of FCNR(B) and what type of account is it?
FCNR(B) stands for Foreign Currency Non-Resident (Banks) account. It is a term deposit account held in foreign currency by NRIs/PIOs, where both principal and interest are fully repatriable.
What is the maximum amount an NRI can repatriate from an NRO account per financial year?
USD 1 million per financial year after tax payment.
In which currencies can FCNR(B) deposits be held?
FCNR(B) deposits can be held in any freely convertible currency such as USD, GBP, EUR, JPY, CAD, and AUD as permitted by RBI from time to time.
Can an NRE account be converted to a resident account upon return to India?
Yes, it must be redesignated as a resident account.
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for Operational Asepcts Of Nri Business-II.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days