NRE ACCOUNTS

This query is : Resolved

dharminder gupta (Querist)
Follow

17 May 2016 is there a NRI who has his own nre account in any bank (p&sb bank) deposit dollar in his relatives nre account in the same bank even in same branch in which his own nre account.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

18 May 2016 What is the dispute? Is he gifting the USD to his/her relative? Then s/he may do so. No issues.

dharminder gupta

dharminder gupta (Querist)
Follow

18 May 2016 my question is as a banker can I deposit foreign currency from other nri. lets suppose his name is Ram. Ram ( he is nri) comes to my bank & said deposit 1000 dollar into shyam (he is also nri) nre account. can bank accept deposit.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

18 May 2016 yes, why not. P&SB....i suppose it means Punjab and Sind Bank. Right? P&SB is not only money changer but also Authorised Dealeras per FEMA. So it can very well do that subject to however the declaration from the depositor. please see form AS2.

dharminder gupta

dharminder gupta (Querist)
Follow

18 May 2016 please provide me web link for RBI or fema circular or any article and also I am not able to find form as 2. and yes its punjab and sind bank. Thanks for replying my questions Amol.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

18 May 2016 It is form A 2......
sorry my mistake...i wrote AS2

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