TMI BlogAccount Opened by Foreign Nationals and Foreign TouristsX X X X Extracts X X X X X X X X Extracts X X X X ..... h the introduction of Foreign Exchange Management Act, 1999, the accounts opened by foreign nationals who are resident in India are treated as resident accounts. Such accounts are at par with other resident Rupee accounts. 2. Can foreign nationals resident in India open resident account ? Yes. Foreign nationals resident in India can open and maintain resident Rupee account in India. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the absence of QA 22 account how the salary of foreign nationals be remitted? In terms of GOI Notification No.SO.301(E) dated March 30, 2001, banks are free to allow remittance for maintenance of close relatives abroad not exceeding net salary (after deduction of taxes, contribution to provident fund and other deductions) of a person who is resident but not permanently resident in India and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from India ? Banks have been allowed to convert the balance in the account at the time of departure of the tourists into foreign currency 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. 10. What can be done to repatriate the proceeds of an account that has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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