NRI – Banking

Section 195 of the Income-tax Act (‘the Act’) empowers the Central Board of Direct Taxes to capture information in respect of payments made to non-residents, whether chargeable to tax or not. Rule 37 BB of the Income-tax Rules has been amended to strike a balance between reducing the burden of ...

The Reserve Bank of India (RBI) in its monetary policy review enhanced the limit under Liberalized Remittance Scheme (LRS) to $250,000 per person per year from existing limit of 125,000 USD.  RBI had reduced the eligibility limit for foreign exchange remittances under LRS to $75,000 in 2013 as a macro-prudential measure. ...

  A citizen of India resident out of India is called as Non Resident Indian (NRI). Reserve Bank of India (RBI) frames regulations to acquire or transfer immovable property in India by person residents outside India.   As per the latest circular issued by RBI (as on 2014) the following ...

This question is frequently asked by many clients. Money brought from abroad into NRE and FCNR account – is freely repatriable without any restriction and without any approval from RBI Current Income earned in India – The current income includes dividend earned from shares, rental income, pension, Interest on deposits, ...

  Persons resident in India are permitted to maintain foreign currency accounts in India under the following three Schemes Exchange Earners Foreign Currency Accounts (EEFC Account) As the name suggests, the account is maintained in foreign currency (say dollar or euro). It is a current account, so interest is payable ...