NRE accounts
This query is : Resolved
25 November 2009
Can an Indian born US citizen open an NRE account in a bank in India.
25 November 2009
Dear Charapni Sir,
As per Schedule 1 r.w. See Regulation 5(1)(i), NRI are permitted to open/hold/operate NRE Accounts.
FEM (Deposit) Reg 2000, Regulation 2 (vi) defines term NRI.
Regulation 2
(vi) ‘Non-resident Indian (NRI)’ means a person resident outside India who is a citizen of India or is a person of Indian origin;
(xii) ‘Person of Indian Origin’ means a citizen of any country other than Bangladesh or Pakistan, if
(a) he at any time held Indian passport;
or
(b) he or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);
or
(c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b);
If u/ur customer is satisfied by above I can suggest more indirect ways if ur customer is holding OCI/PIO Card as per MOA Scheme.
Regards
Juzer
As per Schedule 1 r.w. See Regulation 5(1)(i), NRI are permitted to open/hold/operate NRE Accounts.
FEM (Deposit) Reg 2000, Regulation 2 (vi) defines term NRI.
Regulation 2
(vi) ‘Non-resident Indian (NRI)’ means a person resident outside India who is a citizen of India or is a person of Indian origin;
(xii) ‘Person of Indian Origin’ means a citizen of any country other than Bangladesh or Pakistan, if
(a) he at any time held Indian passport;
or
(b) he or either of his parents or any of his grand-parents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);
or
(c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b);
If u/ur customer is satisfied by above I can suggest more indirect ways if ur customer is holding OCI/PIO Card as per MOA Scheme.
Regards
Juzer
25 November 2009
Thank u very much for highlighting regulation 2(vi).
25 November 2009
Its mine pleasure.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
