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ITR 2 : Disclosing Foreign Assets Mandatory For Indian Tax Payers

Income Tax (IT) Department of India is optimizing the ITR forms to make tax payers furnish all the foreign income, investment related data at the time of filing there tax return. To... Read more »

Definition Of NRI As Per Direct Tax Code (DTC)

Direct Tax Code (DTC) will bring many changes in the existing tax structure of India which will impact many. Non Resident Indian’s (NRI’s) comes under the scope who will be significantly get... Read more »

Best Interest Rates On NRE Term/ Fixed Deposits In India

After deregulation of NRE interest rates, banks have started offering attractive interest rates to attract customers. Earlier customers were more inclined towards NRO account due to high post tax returns as compare... Read more »

Dhanalaxmi Bank Revised NRE Interest Rates To 10.10%

Deregulation of NRE interest rates has initiated a rate war between banks. Dhanlaxmi bank has intensified this rate war by revising its non resident external term deposit to 10.10% for deposits upto... Read more »

Karnataka Bank Revised NRE Deposits Rates To 9.75%

Karnataka Bank has announced their revised interest rates for their Non Resident Accounts (NRE) deposits. As per the revised interest rates, now bank will offer 9.75% interest for the “repatriable” NRE account... Read more »

Steps To Plan Your Financials Before Becoming An Non Resident Indian (NRI)

Today opportunities are knocking the doors of Indian residents which make them go abroad and earn in foreign currency. Are you also one of them who is planning to become an Non... Read more »

RBI : No Prior Approval For Share Transfer Between Resident And Non Residents (NRIs)

As per the notification issued by the Reserve Bank Of India (RBI), transfer of shares between residents and non residents would not be require any prior approval in several key areas like... Read more »

Form 49AA – New PAN Application Forms For Non Residents (NRI’s)

Income tax department of India has introduced new permanent account number (PAN) application form especially for Non Residents. With the introduction of form 49AA NRI’s, PIO’s and entities having interest in India... Read more »

Fed Oriental Pravasi Insurance – New Insurance Product In India For NRI Customers

Federal Bank and Oriental Insurance company, the two established brands of the industry have come up together to bring a new insurance product in the market for their NRI customers. This tie... Read more »

RBI : Provision To Repay Home Loan Of NRI Relative By Resident Indians

As per the notification issued by the Reserve Bank of India (RBI) on 16th Sep 2011, loan taken by an NRI/PIO from an Indian Bank in rupees can be repaid by an... Read more »

Indian Residents Can Gift Upto $200,000 To NRIs/PIOs Close Relatives In Rupees

As per the notification issued by the Reserve Bank Of India (RBI) on 16th Sep 2011, now individuals i.e. resident Indians are allowed to make gift money to their NRI/PIO close relative... Read more »

What Is The RFC – Resident Foreign Currency Account Scheme?

We have already discussed about different types of NRI bank accounts which an NRI can maintain and operate while having a NRI status. Here is another bank account for NRIs which they... Read more »

Permanent Account Number (PAN) For NRIs And PIOs

In this article we are going to talk about the importance of Permanent Account Number (PAN) Card for a Non Resident Indian (NRI) or a Person of Indian Origin (PIO). As we... Read more »

Purchase Or Transfer Of Immovable Property By NRI/PIO In India

Indian citizens who migrate to some other country for an uncertain duration are known as NRIs. Today lots of people are migrating to other countries for different reasons like education, employment etc.... Read more »

NRE, NRO Or FCNR–Which NRI Account Type Is Better For You?

All Non-Resident Indians (NRIs) face a dilemma at the beginning of their NRI status – What kind of bank account should they maintain in India? Although there are several options available for... Read more »

Both Non-resident External Account (NRE) and Non-Resident Ordinary Account (NRO) are rupee saving accounts that can be held by NRIs opened with the objective of managing their earnings. An NRO can also be opened by an Overseas Citizen of India (OCI) and a Person of Indian Origin (PIO). The two broad reasons for holding such an account are: NRI wants to keep India based income in India; NRI wants to send back money earned overseas back to India. These accounts can be opened both as current accounts or savings accounts. The average monthly balance for either of these accounts should not fall below Rs.75,000. While an NRE Account is tax-free, an NRO account is subject to the applicable income tax bracket, wealth tax, and gift tax. The NRE account can be jointly held with another NRI, but you cannot jointly hold it with a resident Indian, however, in the case of an NRO an NRI can hold this account jointly with a resident Indian who is a close relative defined under section 6 of Companies Act.