NRE accounts
This query is : Resolved
25 November 2009
Can an Indian born US citizen open an NRE account in a bank in India.
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) ‘Non-resident Indian (NRI)’ means a person resident outside India who is a citizen of India or is a person of Indian origin;
(xii) ‘Person of Indian Origin’ 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
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) ‘Non-resident Indian (NRI)’ means a person resident outside India who is a citizen of India or is a person of Indian origin;
(xii) ‘Person of Indian Origin’ 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
25 November 2009
Thank u very much for highlighting regulation 2(vi).
25 November 2009
Its mine pleasure.
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