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NRO V/S NRE

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(Querist)
15 October 2008 What is the difference between NRO A/c and NRE A/c?From which a/c amount must be transfered to PIS A/c for investment in Mutual Funds and Shares and to which a/c Foreign Remittence recd must be credited?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
17 October 2008 NRO-Non-Resident Ordinary a/c meaning account is freely operated in India in INR. Income earned is income accrued in India.

NRE-Non-Residential External a/c operated in Foreign currency.Income earned in this account by NRs is not taxable.

Please expand PIS a/c.
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