NRE accounts

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Querist)
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25 November 2009 Can an Indian born US citizen open an NRE account in a bank in India.

Juzer Sadikot

Juzer Sadikot (Expert)
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25 November 2009 Dear Charapni Sir,

As per Schedule 1 r.w. See Regulation 5(1)(i), NRI are permitted to open/hold/operate NRE Accounts.

FEM (Deposit) Reg 2000, Regulation 2 (vi) defines term NRI.

Regulation 2

(vi) â€˜Non-resident Indian (NRI)â€™ means a person resident outside India who is a citizen of India or is a person of Indian origin;

(xii) â€˜Person of Indian Originâ€™ means a citizen of any country other than Bangladesh or Pakistan, if

(a) he at any time held Indian passport;

or

(b) he or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);

or

(c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b);

If u/ur customer is satisfied by above I can suggest more indirect ways if ur customer is holding OCI/PIO Card as per MOA Scheme.

Regards
Juzer

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Querist)
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25 November 2009 Thank u very much for highlighting regulation 2(vi).

Juzer Sadikot

Juzer Sadikot (Expert)
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25 November 2009 Its mine pleasure.

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