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Account Opened by Foreign Nationals and Foreign Tourists - FEMA - FAQ - AS ON FEBRUARY 1, 2007 - FEMA

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..... India open resident account ? Yes. Foreign nationals resident in India can open and maintain resident Rupee account in India. 3. Should banks have a separate system to monitor resident accounts maintained by foreign nationals in the absence of QA 22 account ? From the foreign exchange point of view, no monitoring is required. However, the banks are free to put in place such administrative arrangements as considered necessary for a smooth conduct of accounts, especially in cases where it is likel .....

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Account Opened by Foreign Nationals and Foreign Tourists - FEMA - FAQ - AS ON FEBRUARY 1, 2007 - FEMA

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..... n open a Non-Resident (Ordinary) Rupee (NRO) account with any bank dealing in foreign exchange. Such account can be opened upto a maximum period of 6 months. 7. What credits can be made to such accounts? Funds remitted from outside India or those obtained by sale of foreign exchange brought by the tourists to India can be credited to the NRO account. 8. Can the NRO account be used for making local payments? Yes. Tourists can freely make local payments by debit to the NRO account. 9. Can foreign .....

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Account Opened by Foreign Nationals and Foreign Tourists - FEMA - FAQ - AS ON FEBRUARY 1, 2007 - FEMA

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