NRIs can purchase immovable property in India, except for agricultural land, plantation property, and farmhouses. They can pay for the property using funds from inward remittances, debiting their NRE, FCNR(B), or NRO accounts, but not with traveler’s checks or foreign currency notes. NRIs can also acquire immovable property through gifts from Indian residents, NRIs, or…
RBI Master direction on ECB updated as of Sept. 30, 2022, FED Master Direction No. 5/2018-19 specifies that AD that Category I banks are permitted to allow the creation/cancellation of charges on immovable assets, movable assets, financial securities, and the issue of corporate and/or personal guarantees in favour of overseas lender/security trustee, to secure the…
In terms of section 6(4) of FEMA, 1999 a person resident in India may hold, own, transfer, or invest in foreign currency, foreign security, or any immovable property situated outside India if such currency, security, or property was acquired, held or owned by such person when he was resident outside India or inherited from a…
In terms of Regulation 2 of FEMA Notification No.13 dated May 3, 2000, Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. A person of Indian Origin (PIO) means a citizen of any country other than Bangladesh or Pakistan who had (a) at any time held an Indian passport…
Any person resident outside India can open an SNRR account with authorised dealer bank in India having a business interest in India. This account is required to carry out bonafide transactions in rupees which conform with the provisions of the FEMA Act, rules, and regulations made thereunder. However, the Opening of SNRR accounts by Pakistan…
Nepal Remittance Scheme (INRF Scheme) was launched by the Reserve Bank of India (RBI) in May 2008 to provide a safe and cost-efficient avenue for migrant Nepalese workers in India to remit money back to their families in Nepal. In August 2021, the Scheme was improved to boost the trade payments between the two countries,…
The government of India enacted the Foreign Exchange Regulation Act, 1973 (FERA) to tackle the foreign exchange crisis in the country. The purpose of FERA was to regulate foreign exchange dealings and other related activities to conserve the country’s foreign exchange reserves. The stringent FERA rules were not amenable to integrating the Indian economy into…
[This article explains the relationship between the bank and the customer like a creditor and the debtor, Lessor and the Lessee, Trustee and beneficiary, bailor and bailee, Principal and the agent, assigner and assignee, etc. according to the type of service rendered by the bank. The responsibilities of the banker acting upon the mandate and…
Updated on 14.08.2024 Interest Rates on deposits for various periods for all the banks in India are not the same. Here we have provided interest rates on deposits offered by all the public sector banks and large private sector banks in India. You may compare them at a glance. The names of public sector banks…
In the prevailing law and order situation and other subversive activities carried out by antisocial/extremist organizations in the country mainly targeting the banks, cash, and its custody need stringent security arrangements both for the safety of cash within the Bank and in cash management logistics. We have covered the topic ‘SECURITY ARRANGEMENTS IN BANKS AND…