FEMA or Foreign Exchange Regulations Act, 1999.: The object of the Act is to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign…
Purchase of Property: NRI (Non Resident Indian) can purchase any residential or commercial property with the permission from the RBI. However the NRI cannot purchase any agricultural land, plantation property or farmhouses in India. So, if an NRI wants to purchase…
NRE (Non-Resident External)and NRO (Non-Resident Ordinary) accounts are popular with NRI. While the NRE is an external account and is repatriable in foreign currency, the NRO is the Resident account and cannot be repatriable. NRO and NRE Account can be opened as a Savings, recurring, or fixed deposit account. Interest earned on NRO is taxable and TDS @ 30%…