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Can a person employed in Bhutan or Nepal open NRE / FCNR accounts or fixed deposits in foreign currency?

April 26, 2017accounts Bhutan deposits Employed FCNR fixed Nepal NRE person

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Can a person employed in Bhutan or Nepal open NRE / FCNR accounts or fixed deposits in foreign currency?

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No. Persons resident in Bhutan and Nepal cannot normally open NRE accounts / FCNR deposits except where the funds to these accounts are remitted in free foreign exchange. Interest earned on these accounts can be remitted only in Indian Rupees to NRIs / PIOs in Nepal & Bhutan.