Nro a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2013
What is the meaning of NRO A/c, Can we accept the donation received from NRO A/c in this transaction RBI premission is require or not?
10 March 2013
Hi
Go to the following link, it may help you:
http://www.femaonline.com/nricms.php?id=7
http://www.rbi.org.in/scripts/faqview.aspx?id=52
Go to the following link, it may help you:
http://www.femaonline.com/nricms.php?id=7
http://www.rbi.org.in/scripts/faqview.aspx?id=52
10 March 2013
NRO Account is an account permitted to be opened by NRI/PIO in the form of :
● Savings Account - Normally maintained for crediting legitimate dues /earnings / income such as dividends, interest etc. Banks are free to determine the interest rates.
● Term Deposits - Banks are free to determine the interest rates. Interest rates offered by banks on NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits.
● Account should be denominated in Indian Rupees.
I don't think sending donations to Indian charitable institutions is as such banned. So you may use the NRO account to make such donation. Make sure the authorized dealer is in know of the matter.
Further, such contributions received from NRIs is normally not considered as foreign contributions (reference : http://www.mha.gov.in/fcra/intro/FAQs.pdf )
● Savings Account - Normally maintained for crediting legitimate dues /earnings / income such as dividends, interest etc. Banks are free to determine the interest rates.
● Term Deposits - Banks are free to determine the interest rates. Interest rates offered by banks on NRO deposits cannot be higher than those offered by them on comparable domestic rupee deposits.
● Account should be denominated in Indian Rupees.
I don't think sending donations to Indian charitable institutions is as such banned. So you may use the NRO account to make such donation. Make sure the authorized dealer is in know of the matter.
Further, such contributions received from NRIs is normally not considered as foreign contributions (reference : http://www.mha.gov.in/fcra/intro/FAQs.pdf )
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