Restrictions on NRE account remittance
This query is : Open
Guest
Guest
(Querist)
09 September 2023
For remittance under LRS, I see there are restrictions (e.g. the foreign currency cannot be used for trading options in US market)
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=115#Q2
Are there any such restrictions for remittance made from NRE account?
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=115#Q2
Are there any such restrictions for remittance made from NRE account?
09 September 2023
No such restrictions for remittance made from NRE account.
Guest
Guest
(Querist)
10 September 2023
Thanks for the reply.
I transferred some money via the LRS route a month back.
But now I'm an NRI (moved abroad to take up employment).
Will the money that I sent to my overseas account have the restrictions (such as cannot do margin trading)? Or since I am now an NRI the restrictions dont apply?
I transferred some money via the LRS route a month back.
But now I'm an NRI (moved abroad to take up employment).
Will the money that I sent to my overseas account have the restrictions (such as cannot do margin trading)? Or since I am now an NRI the restrictions dont apply?
10 September 2023
Wait till the year end to become NRI.
Guest
Guest
(Querist)
10 September 2023
Oh, I see.
I thought from FEMA perspective, I become an NRI immediately if I leave India for employment abroad. Didn't know I'll have to wait till Mar/April 2024 to start trading in US options.
I thought from FEMA perspective, I become an NRI immediately if I leave India for employment abroad. Didn't know I'll have to wait till Mar/April 2024 to start trading in US options.
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