NRE accounts

This query is : Resolved

Share Report Follow Query Ask a Query

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Querist)
Follow

25 November 2009 Can an Indian born US citizen open an NRE account in a bank in India.

Juzer Sadikot

Juzer Sadikot (Expert)
Follow

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)
Follow

25 November 2009 Thank u very much for highlighting regulation 2(vi).

Juzer Sadikot

Juzer Sadikot (Expert)
Follow

25 November 2009 Its mine pleasure.

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