nre account

This query is : Resolved

kishor kumar chanda (Querist)
Follow

01 February 2011 wife transfer the fund from her uk account to his husband's uk account. thereafter husband transfere the fund in his nre account at india and now husband wants to tranfer fund to her wife normal saving account at india whether it is permissable.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

02 February 2011 yes,
Persons of Indian nationality or origin resident abroad may open, with authorised banks in India, Non-resident (External) Accounts (NRE Accounts), designated in rupees. These accounts can be maintained in the form of savings, current or term deposit accounts. Opening of NRE Accounts jointly in the names of two or more non residents is permitted provided all the account holders are persons of Indian nationality or origin. For opening these accounts, the funds are required to be remitted to India through (a) proceeds of foreign exchange remittances from abroad through banking channels in an approved manner.

for more info:-
http://www.vakilno1.com/nri/bankaccount/nre.htm

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok