A foreign national of non-Indian origin visiting India, can open NRO (current/ savings) a/c with the funds remitted from outside India through normal banking channel or by sale of foreign exchange brought by him to India. The balance in the NRO a/c may be paid to the a/c holder at the time of his departure from India.
A foreign national resident in India can open a normal resident a/c in Rupees. (This is not ‘NRO’ a/c). There are no restrictions on such a/c from FEMA point of view. Funds from the a/c can be repatriated abroad if:
- They were received from abroad, or
They are repatriable under provisions of FEMA.
Points to Remember:
Any person resident outside India may take out of India un-spent foreign exchange which he had brought in India. If the amount exceeds prescribed limit (of 5,000/ 10,000 USD), he should have made a declaration in CDF form on his arrival in India.
CDF declaration is not required where the travellers’ cheque/ currency/ bank notes brought are below the prescribed limits.
A foreign national of non- Indian origin visiting India can open NRO (savings/ current) a/c.
A foreign national resident in India can open a normal resident a/c in INR.