(As on February 12, 2020) Show
Q1. Who is an NRI? Answer: A ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India. Q2. Who is a PIO? Answer: A ‘Person of Indian Origin (PIO)’ is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Government, satisfying the following conditions:
A PIO will include an ‘Overseas Citizen of India’ cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. Such an OCI Card holder should also be a person resident outside India. Q3. What are the major accounts that can be opened in India by a non-resident?
Q4. Can a Bangladeshi/ Pakistani national or an entity owned/ controlled from Bangladesh/ Pakistan have an account in India? Answer: Opening of accounts by individuals/ entities of Pakistan nationality/ ownership and entities of Bangladesh ownership requires prior approval of the Reserve Bank. However, individuals of Bangladesh nationality can open an NRO account subject to the individual(s) holding a valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/ Foreigner Regional Registration Office (FRRO) concerned. Further, citizens of Bangladesh/Pakistan belonging to minority communities in those countries, namely, Hindus, Sikhs, Buddhists, Jains, Parsis and Christians residing in India and who have been granted Long Term Visa (LTV) or whose application for LTV is under consideration, are permitted to open only one NRO account with an AD bank in India subject to the conditions mentioned in Notification No. FEMA 5(R)/2016-RB dated April 01, 2016, as updated from time to time. The opening of such NRO accounts will be subject to reporting of the details of the accounts opened by the concerned Authorised bank, to the Ministry of Home Affairs (MHA) on a quarterly basis as instructed vide AP (DIR Series) Circular No. 28 dated March 28, 2019. Q5. What are the accounts that a tourist visiting India can open? Answer: An NRO (current/ savings) account can be opened by a foreign national of non-Indian origin visiting India, with funds remitted from outside India through banking channel or by sale of foreign exchange brought by him to India. The balance in the NRO account may be paid to the account holder at the time of his departure from India provided the account has been maintained for a period not exceeding six months and the account has not been credited with any local funds, other than interest accrued thereon. Q6. What is an SNRR account? How is it different from a NRO account? Answer: Any person resident outside India, having a business interest in India, can open a Special Non-Resident Rupee Account (SNRR account) with an authorised dealer for the purpose of putting through bona fide transactions in rupees which are in conformity with the provisions of the Act, rules and regulations made thereunder. The differences between SNRR account and NRO account are:
Q 7. What are the deposits that foreign Diplomatic missions/ personnel and their family members in India can hold? Answer: The following accounts are permitted:
Q8. Can persons resident in Nepal and Bhutan have accounts in India? Answer: Persons resident in Nepal and Bhutan can open Indian rupee accounts with an authorised dealer in India. Q9. Can multilateral organisation have deposits in India? Answer: Any multilateral organization, of which India is a member nation, or its subsidiary/ affiliate bodies and officials in India can open deposits with an authorised dealer in India. Q10. Can an Indian company accept deposits from non-residents in compliance with section 160 of the Companies Act, 2013? Answer: Yes, such acceptance of deposit and refunds, if required, will be covered under current account transactions and can be made freely without any restriction from FEMA perspective. Q11. Can a Foreign Portfolio Investor or a Foreign Venture Capital Investor open a foreign currency account in India? Answer: Yes, a Foreign Portfolio Investor or a Foreign Venture Capital Investor, both registered with the Securities and Exchange Board of India (SEBI) under the relevant SEBI regulations can open and maintain a non-interest bearing foreign currency account for the purpose of making investment in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019. Q12. Who can open an Escrow Account in India and for what purpose? Answer: Resident and Non-resident acquirers can open Escrow Account in INR with an AD bank in India as the Escrow Agent, for acquisition/transfer of capital instruments/convertible notes in accordance with Foreign Exchange Management (Non-Debt Instrument) Rules, 2019 as amended from time to time and subject to the terms and conditions specified under Schedule 5 of Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time. Which term represents money earned from wage employment and interest on investment?wealth. 19. (p. 228-229) Which term represents money earned from wage employment and interest on investments?
Which of these terms refers to the working class?Karl Marx described the working class as the "proletariat", and that it was the working class who ultimately created the goods and provided the services that created a society's wealth. Marxists and socialists define the working class as those who have nothing to sell but their labor-power and skills.
Which term refers to the process in which nations decrease the amount of goods produced through manufacturing quizlet?Developed, developing, underdeveloped. Which term refers to the process in which nations decrease the amount of goods produced though manufacturing? Deindustrialization.
Which of the following terms best describes the following types of information we learn table manners etiquette in social situations and rules concerning gift giving?Discrimination based on someone's economic resources and lifestyle is called: Classism. Which of the following terms best describes these types of information we learn: Table manners, etiquette in social situations, and rules concerning gift giving? Cultural capital.
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