Question: What are legitimate dues in India?

What is legitimate rupee credit?

Permissible credits to NRO account are transfers from rupee accounts of non-resident banks, remittances received in permitted currency from outside India through normal banking channels, permitted currency tendered by account holder during his temporary visit to India, legitimate dues in India of the account holder …

What is others bonafide OK?

Bona fide means “in good faith” in Latin. When applied to business deals and the like, it stresses the absence of fraud or deception. … Bona fide also has the noun form bona fides; when someone asks about someone else’s bona fides, it usually means evidence of their qualifications or achievements.

Which is true in NRO account?

An NRO account is a savings or current account held in India that helps NRIs manage income earned in India such as rent, dividends, or pension from abroad. The account holder can deposit and manage accumulated rupee funds conveniently through an NRO account.

What are the permissible debits in NRO account?

Permissible debits are local disbursements, remittance outside India, transfer to other NRE/ FCNR(B) accounts and investments in India. The account can be debited for the purpose of local payments, transfers to other NRO accounts or remittance of current income abroad.

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Can Indian resident hold foreign bank account?

12 min read. A resident of India can open, hold and maintain foreign currency accounts in and outside India. The Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 regulates the foreign currency accounts opened in India.

Can I have 2 NRE accounts?

No, NRIs can only open one PIS account. However, they can open multiple NRE savings bank accounts. You can open only one NRE PIS accounts.

Can NRI transfer money to savings account in India?

As per the Foreign Exchange Management Act (FEMA) guidelines, an NRI cannot have a savings account in his or her name in India. … Opening an NRE or NRO account is, hence, a viable option for Non-Resident Indians. It can help NRIs in two ways. One, they can send their foreign earnings to India at any point.

What is ONR account?

A Non-Resident Ordinary (NRO) Account is a popular way for many Non-Resident Indians (NRIs) to manage their deposits or income earned in India such as dividends, pension, rent, etc. This account allows you to receive funds in either Indian or foreign currency.

Can I withdraw money from my NRE account in India?

Non-Resident External (NRE) account is an account in the name of NRI opened in India to transfer foreign earnings to India. … Thus, from NRE account you can easily withdraw in Rupees. NRE accounts are exempt from the tax. So, neither the balance nor the interest earned on these accounts is taxable in India.

How can I avoid tax on my NRO account?

The best way for an NRI to avoid paying a high TDS is to open a Non Resident Ordinary Rupee Account (NRO), a Foreign Currency Non Resident Account (FCNR) and a Non Resident External Account (NRE).

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Which is better FCNR or NRE FD?

Mashruwala adds, “If you are certain that you will repatriate the maturity proceeds, then it is best to invest in the FCNR as you protect yourself against currency risk. Conversely, if you are certain that your investment will remain in India, NRE would be a better choice.”

What is difference between NRI & NRE account?

An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. … However, there can be a joint NRE account only with another NRI.