Can proceeds of foreign currency notes/travelers cheques be credited to NRE accounts without any restriction?
Ans. Authorised dealers have been permitted to credit the proceeds of foreign currency notes/travelers cheques brought by the account holder from abroad during his visit to India provided they are tendered in person. Where the amount of foreign currency notes tendered exceeds U.S.$5000 or its equivalent or the total amount of currency notes and travelers cheques tendered for credit to NRE accounts exceeds US $ 10,000 or its equivalent, it should have been declared to the Customs on the Currency Declaration Form (CDF) at the time of the account holder’s arrival in India. Q. Can an NRI authorise a close relative to operate his NRE account? Yes, by giving a Letter of Authority in the specified format to the Branch in which he is having his account. The authority to operate the account is only for local disbursements. The close relative who is authorised will not have the power to make gifts, transfer the account or close the account. Q. What is the distinction among NRE account and NRO ac
Related Questions
- Can proceeds of foreign currency notes / travellers cheques be credited to NRE accounts without any restriction ?
- Can proceeds of foreign currency notes/travelers cheques be credited to NRE accounts without any restriction?
- Can proceeds of foreign currency notes/ travelers cheques be credited to NRE accounts without any restriction?
