Can loans raised against NRE fixed deposits be repaid out of funds in NRO accounts?
• The loans raised against NRE deposits can be repaid out of NRO funds but in such cases, the interest would be charged at commercial rate as in force from time to time. • Is nomination allowed in NRO/NRE accounts? • Yes. • Is repatriation of funds belonging to non-resident nominees permitted? • Funds held in NRO account will be allowed to be credited to the non-resident nominee’s NRO account only and no repatriation is permitted. Repatriation of funds from the deceased person’s NRE account will be permitted by authorised dealers. • Is transfer of funds between NRE accounts maintained by two different account holders permitted? • Yes. Authorised dealers can permit transfer of funds from the NRE account of one person to the NRE account of another person for bona fide personal purposes. Transfers by way of gifts are permitted subject to payment of gift tax. • At what rates are remittances to India by NRIs for credit to NRE/NRO/NRNR accounts converted into rupees? • Remittances made for c
