Fcnr related query
This query is : Resolved
23 February 2012
My husband is working in the merchant navy and each month his salary gets (USD converted to INR) in his NRE account. He wants to transfer a part of that salary to another NRE account to create an FCNR FD but the bank and his company is refusing saying it's against RBI rules. He's done this in the past and wants to know whether an Indian bank can transfer money in USD from one NRE account to another for the prupose of making an FCNR FD.
23 February 2012
With the exception of persons of Indian origin from Bangladesh and Pakistan, all NRIs and PIOs are eligible to maintain an FCNR account with an authorised bank in India.
* Accounts may be opened with funds remitted from outside, existing NRE/ FCNR accounts, etc.
* Remittances should be in the designated currency.
* Conversion to currency other than the designated currency also permitted at the risk and cost of the remitter.
* Accounts may be opened with funds remitted from outside, existing NRE/ FCNR accounts, etc.
* Remittances should be in the designated currency.
* Conversion to currency other than the designated currency also permitted at the risk and cost of the remitter.
24 February 2012
Completely understand, but in this case, after the funds get remitted to one account, can a part be transferred in the foreign currency to another NRE account?
24 February 2012
transfer in inr, but it will best if you put RTI information to RBI
.
FOR ANY QUERY:
https://www.rbi.org.in/scripts/righttoinfoact.aspx
.
FOR ANY QUERY:
https://www.rbi.org.in/scripts/righttoinfoact.aspx
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
