A Operational aspects of NRI business
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One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What does NRI stand for in the context of Indian banking?
NRI stands for Non-Resident Indian, referring to an Indian citizen or person of Indian origin residing outside India for employment, business, or other purposes.
What is the full form of FCNR and under which bank category does it fall?
Foreign Currency Non-Resident account held with Indian banks
Which authority regulates NRI accounts in India?
The Reserve Bank of India (RBI) regulates NRI accounts under the Foreign Exchange Management Act (FEMA), 1999.
Which Indian authority grants permission for NRI investments under the Portfolio Investment Scheme?
Reserve Bank of India through designated authorised dealer banks
What are the three main types of deposit accounts available to NRIs in India?
NRIs can open NRE (Non-Resident External), NRO (Non-Resident Ordinary), and FCNR(B) (Foreign Currency Non-Resident Bank) accounts in India.
What is the maximum period for which an FCNR(B) deposit can be held?
Maximum five years from the date of deposit
In which currency are NRE accounts maintained?
NRE accounts are maintained in Indian Rupees (INR), though funds are remitted from abroad in foreign currency which is then converted to rupees.
Under FEMA, which transactions by NRIs are classified as capital account transactions?
Investments in shares, property, and loans from India
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