Fcnr related query

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This query is : Resolved

Lestav (Querist)

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.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

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.

Lestav

Lestav (Querist)

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?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

24 February 2012 transfer in inr, but it will best if you put RTI information to RBI

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FOR ANY QUERY:

https://www.rbi.org.in/scripts/righttoinfoact.aspx

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