Can a Resident Indian maintain Foreign currency accounts in India?
HDFC Bank - foreign currency accountA resident Indian can maintain a Foreign Currency (Domestic) Account and deposit Foreign Exchange acquired from any of the sources approved by Reserve bank of India e.g. . Unspent BTQ, honorarium or gift / payment for services while on a visit outside India or received from a person not resident in India or who is on visit to India in settlement of a lawful obligation etc. Yes, a Non HDFC Bank Customer can take foreign exchange for any branch dealing in foreign exchange.
Related QuestionsCan resident Indians open foreign currency accounts in India?
FEMA: Foreign Exchange Act, Information FAQs for NRIs PIOsYes, EEFC Accounts and RFC Accounts can be kept by resident Indians. In the EEFC account maintained with a bank, residents are allowed to keep 50% of foreign currency remittances received from abroad which can be used for current account transactions and approved capital account transactions as specified by the RBI. In the RFC Accounts, returning Indians (ex-NRIs), can hold and maintain foreign currency. These funds are free from restrictions on use outside India.
Related QuestionsCan bankers open foreign currency accounts in India for residents under the Scheme?
FAQs -Foreign Exchange Facilities for Residents - State Bank...No. For the purpose of the Scheme, an OBU in India is not treated as an overseas branch of a bank in India. For further details/guidance, please approach any bank authorised to deal in foreign exchange or contact Regional Offices of the Foreign Exchange Department of the Reserve Bank.
Related QuestionsOn return to India, can NRIs hold funds acquired overseas in foreign currency accounts in India?
FAQ FOR NRI SERVICESYes. They can be held in RFC (Resident Foreign Currency ) Accounts. For details visit www.sbi.co.in and click on types of accounts under NRI services on the home page.
Related QuestionsAre NRIs permitted to maintain accounts in rupees and in foreign currency?
FAQ for NRIs - Bank Accounts, NRE, NRO, FCNR accounts, depos...Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authories dealers only. NRO and NRE accounts can be maintained in current/savings/ fixed deposit form while NRNR accounts can be only in fixed term deposits.
Related QuestionsWelcome to Gujarat Informatics Center for LandAns. Yes. Accounts can be maintained by NRIs in rupees as well as in foreign currency. Accounts in foreign currencies can, however, be maintained with authories dealers only. Ans. NRO and NRE accounts can be maintained in current/savings/ fixed deposit form while NRNR accounts can be only in fixed term deposits.Related Questions
Can A Foreign National Of Non-Indian Origin Resident Outside India Buy Immovable Property In India ?
Cents and Acres - The Complete Realty & Land Portal For Real...No. Under the Foreign Exchange Management Act, 1999, a foreign national of non-Indian origin resident outside India cannot buy any immovable property in India.
Related QuestionsHow much foreign currency can one carry while entering India?
State Bank Of India, South Africa :: FAQs on Foreign Exchang...There is no limit on the amount of foreign currency that can be brought into India. But if the amount of foreign currency notes exceeds USD 5000 and the amount of currency notes plus travelers cheques exceed USD 10,000, then the person is expected to declare the amount at the customs entry point and obtain currency declaration form.
Related QuestionsWhat is the Resident Foreign Currency Account Scheme?
ABN AMRO: World Citizen Banking for NRI - FAQsThis scheme permits persons of Indian nationality or origin who have returned to India for permanent settlement (Returning Indians) after being resident outside India for a continuous period of not less than one year, to open foreign currency accounts against the proceeds held in NRE/FCNR accounts or Funds remitted from abroad. RFC can be opened with ABN AMRO bank as a fixed deposit for a period of 31 days onwards to 5 years. RFC account can be maintained in USD, GBP and EUR..
Related QuestionsCan I give a Power of Attorney to a Resident Indian to operate my Non-Resident Accounts?
ABN AMRO: World Citizen Banking for NRI - FAQsA Power of Attorney is given only for operating the account & not for opening the account. Further, the operations are restricted only for making legitimate local payments and remitting funds overseas to the account holder only.
Related QuestionsWhat is the currency of India?
Travel,Adventure tour in india,Tour packages in india.The units of Indian currency are the Rupee and Paisa (100 Paisa equal 1 Rupee). Paper money is in denominations of Rupees 1, 2, 5, 10, 20, 50, 100, 500 and 1000. Coins are in denominations of Rupees 1, 2 and 5. There are no restrictions on the amount of foreign currency or travelers’ checks that can be brought by a tourist to India. However a Declaration form is filled (only for the amount which is more than USD 10,000) on the arrival at the Indian airport.
Related QuestionsCan foreign citizens of Indian origin acquire commercial properties in India?
Commercial Property in India | Apartments in Goa | FAQsProperties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India.
Related QuestionsWelcome to Gujarat Informatics Center for LandAns. Yes.Related Questions
VRINDHAVAN Apartments ::.Yes.Related Questions
SRIJAN PROJECTSProperties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India.Related Questions
Can foreign citizen of Indian Origin acquire commercial properties in India?
Launched Projects in India, Property in India, Real Estate I...Yes.
Related QuestionsNAI NK RealtorsProperties other than agricultural land/farm house/plantation property can be acquired by foreign citizens of Indian origin provided the purchase consideration is met either out of inward remittances in foreign exchange through normal banking channels or out of funds from the purchaser's NRE/FCNR accounts maintained with banks in India.Related Questions
How do I calculate the foreign currency into U.S. dollars?
Frequently Asked QuestionsYou may use the military exchange rate or a commercial exchange rate at http://oanda.com/convert/classic or submit a newspaper listing reflecting the rate and date. For items already replaced or repaired using foreign currency, use the exchange rate in effect at the time the item was repaired or replaced. For items not yet repaired or replaced, use the exchange rate in effect on the day you are ready to submit your claim.
Related QuestionsCan Foreign Currency Convertible Bonds (FCCBs) be issued by Indian companies?
FEMA: Foreign Exchange Act, Information FAQs for NRIs PIOsYes, in compliance with the Scheme for Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism),1993 provided the External Commercial Borrowing guidelines of the RBI are adhered to.
Related QuestionsHow long does it take a foreign national not resident in Australia to obtain a visa for India?
Consulate General of India, SydneyAns. It would normally take 10 working days. However, this time limit does not apply to cases where references are required to be made to authorities in India. ProcessApplications that are sent by post or through agents/couriers .
Related QuestionsHow much foreign exchange can one send as gift / donation to a person resident outside India?
HDFC Bank - foreign currency accountAny person resident in India can remit upto US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable / educational / religious / cultural organisation outside India. Remittances exceeding the limit require prior permission from the Reserve Bank. The same can be sent / remitted based on a simple declaration from the customer in addition to an application form and Form A2.
Related QuestionsCan foreign nationals not permanently resident in India be issued an insurance policy?
ABN AMRO World Citizen Banking for NRIs – Insurance Se...Foreign citizens, who are resident in India purely on account of their employment, profession or business with a valid employment/business visa, are treated as persons not permanently resident in India. Policies denominated in rupees may be issued to foreign nationals not permanently resident in India provided the premiums are paid out of foreign currency funds or from their income earned in India.
Related QuestionsCan I pay in foreign currency (e.g. $) and send an order to India?
Tarladalal.com :: Indian Recipes, Indian Food, Healthy Low C...Of course you can just select the $ option for preferred currency and within India as the shipping options.
Related QuestionsCan I deposit foreign currency traveler's cheques / cash, when I'm visiting India?
ABN AMRO: World Citizen Banking for NRI - FAQsTravellers Cheques can be used to credit the account. NRIs bringing Foreign Currency Notes & Travellers Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or Travellers Cheques and notes exceed USD 10,000/-. You must produce the CDF for endorsement by the bank when you submit the money for credit to an account.
Related QuestionsCan a person residing in India hold a foreign-currency policy?
BasicsA permanent resident of India cannot hold a foreign currency policy. However, a person resident in India but not permanently resident may continue to hold any insurance policy issued to him by an insurer outside India, if the premium on such policy is paid out of foreign currency resources outside India.
Related QuestionsWhat is the Resident Foreign Currency (RFC) Account Scheme?
Bank of Baroda - India's International Bank - FAQs - Facilit...This is a scheme approved by the Reserve Bank permitting persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year to open foreign currency accounts with banks in India for holding funds brought by them to India.
Related QuestionsWelcome to Gujarat Informatics Center for LandAns. This is a Scheme approved by Reserve Bank permitting persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year, to open foreign currency accounts with banks in India for holding funds brought by them to India.Related Questions
