New Delhi, Oct. 4 -- NRIs are not allowed to operate an ordinary bank account in India. Typically, most NRIs have NRE and NRO accounts. In an NRE account, NRIs can keep remittances from outside India, income from investments made in India and current income. Funds in this are freely repatriable. The NRO account can be used to carry out transactions in Indian currency. Only current income such as rent, pension and interest can be remitted from an NRO account outside India; the balance may also be repatriated abroad or to an NRE account up to $1 million in an FY.
Published by HT Digital Content Services with permission from MintAsia....