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:
https://www.femaonline.com/nricms.php?id=7
https://www.rbi.org.in/scripts/faqview.aspx?id=52
Go to the following link, it may help you:
https://www.femaonline.com/nricms.php?id=7
https://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 : https://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 : https://www.mha.gov.in/fcra/intro/FAQs.pdf )
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- CCFS 2026 Schemed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
