What is the procedure of payment of interest for the overdue period of interest for the overdue holder after obtaining held in RFC scheme?
Bank were not paying interest on overdue deposits in absence of guidelines from RBI. Canara Bank had forbaded to pay overdue interest of RFC deposit vide circular NOID/30/92. In Jan 97, RBI has clarified that banks can pay overdue interest as per their banks policy. • A person of India origin who is national of Afghanistan evidenced from his passport is having NRO account. He requested the authorized dealer to issue a pay order of Rs. 12.00 lacs in favour of a resident person from whom he has purchased a house in Delhi, should he branch accept his request by debiting his NRO account? Authorised dealer should not issue pay order and advise to account holder that he is not allowed to purchase immovable property in India. The account holder should be advised to obtain permission from Reserve Bank of India to purchase the house in India on FORM IPI-1. • As all the countries have come under the External Group Category, can the bank open NRE (convertible) FNCR (B) account, if funds sent are
Related Questions
- What happens when people want to go on holidays for a period, what is the procedure for someone else to take care of pest animals held on a special permit?
- What is the procedure of payment of interest for the overdue period of interest for the overdue holder after obtaining held in RFC scheme?
- How long is the recovery period after the ReSTOR® IOL procedure?
