Andhra Bank
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andhra
 
FAQs - NRI
 
andhra Overseas Assets
andhra Import of gold by NRIs
andhra Import of Silver by NRIs
 
 andhra Who is a non-resident Indian (NRI)?
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An Indian citizen who stays abroad for employment/carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident. (Persons posted in UN organisations and officials deputed abroad by Central/State Governments and Public Sector undertakings on temporary assignments are also treated as non-residents). Non-resident foreign citizens of Indian origin are treated on par with non-resident Indian citizens (NRIs).
 
 andhra Who is a person of Indian Origin?
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For the purposes of availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India:

A foreign citizen (other than a citizen of Pakistan or Bangladesh) is deemed to be of Indian origin, if

  • he, at any time, held an Indian passport,

    OR
  • he or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of India or Citizenship Act, 1955 (57 of 1955).
  • Note : A spouse (not being a citizen of Pakistan or Bangladesh) of an Indian citizen or of a person of Indian origin is also treated as a person of Indian origin for the above purposes provided the bank accounts are opened or investments in shares/securities in India are made by such persons only jointly with their NRI spouses.
  • For investments in immovable properties. A Foreign citizen (other than a citizen of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal), is deemed to be of Indian origin if,
  • he held an Indian Passport at any time,

    OR
he or his father or parental grand-father was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955).
 
 
 andhra What are the various facilities available to NRIs?
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NRIs/OCBs are granted the following facilites :
  • Maintenance of Bank accounts in India
  • Investments in securities/shares of, and deposits with, Indian firms/companies.
  • Invetsments in immovable properties in India
Facilities to Returning Indians
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Overseas Assets
 
 andhra Are Returning Indians permitted to retain their assets abroad even after return to      India?
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Effective 17th July 1992, the Central Government has granted exemption from the surrender requirement to persons who return to India after a continuous stay abroad of one year and above in respect of funds/assets acquired by them abroad otherwise than in contravention of FERA 1973 or out of foreign exchange earned through employment, business or vocation outside India taken up or commended while they were resident outside India. Persons satisfying the conditions of general exemption can retain their foreign currency accounts with banks abroad and/or hold/transfer or dispose of their foreign currency assets such as shares, securities or investments in business, etc. and immovable properties.
 
 andhra Are they required to obtain any permission from Reserve Bank for holding these
     assets?
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No
 
 andhra Do they enjoy any freedom in regard to utilisation of these overseas assets?
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Yes. They would enjoy complete freedom for utilisation of these assets as well as income earned or sale proceeds received subsequently.
 
 andhra Can they bring back the overseas assets to India and hold them with separate
      identity?
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Yes. They can repatriate these assets to India and hold them separately in India with authorised dealers under the Resident Foreign Currency Accounts Scheme. (See Part B below)
 
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Resident Foreign Currency (RFC) Accounts Scheme
 
 andhra What is the Resident Foreign Currency (RFC) Account Scheme?
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This is a scheme approved by the Reserve Bank permitting persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year to open foreign currency accounts with banks in India for holding funds brought by them to India. Persons who have returned to India before 18th April 1992 can also open RFC account if (a) they are holding foreign currency assets abroad with Reserve Bank's permission or (b) they are in receipt of pension or other monetary benefits from their erstwhile employers abroad.
 
 andhra Is any permission from Reserve Bank required for opening such accounts with       authorised dealers?
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No.
 
 andhra In which currencies can RFC accounts be maintained?
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RFC accounts can be maintained in any convertible currency

 
 andhra What funds can be credited to RFC accounts of Returning Indians?
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The entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their NRE and FCNR accounts at the time of return can be credited to RFC accounts. However, the foreign exchange brought to India in the form of foreign currency notes/bank notes/travellers cheques should have been declared to Customs at the time of arrival on the Currency Declaration Form (CDF) if it exceeded US$ 10,000 or its equivalent. In the case of foreign currency/bank notes, such a declaration on form CDF is compulsory if the amount exceeds US$5000 or its equivalent.

 
 andhra Can income received from their overseas assets in the form of dividends etc., or       sale proceeds of such assets be credited to RFC accounts?
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Yes
 
 andhra Can pension received by the account holder from abroad be credited to his RFC       account?
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Yes. The entire amount of pension received from abroad can be credited to his RFC account
 
 andhra Can funds in RFC accounts be remitted abroad?
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Yes. Funds in RFC accounts can be remitted abroad for any bona fide purpose of the account holder or his dependents including exchange required for travel and other personal purposes and investments.
 
 andhra Can funds in RFC accounts be utilised for local payments?
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Yes. Funds in RFC accounts can be withdrawn freely for local payments in rupees
 
 andhra Can a returning Indian desiring to go abroad again for employment, business or       vocation transfer his funds in RFC account to NRE/FCNR       account?
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Yes.
 
 andhra Can persons who have returned to India after a short assignment of less than one       year open RFC accounts?
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Their applications for opening such accounts would be considered by Reserve Bank. Persons who have gone abroad for studies, training etc. are, however, not eligible for this facility.
 
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Import of gold by NRIs
 
 andhra Can NRIs bring gold into India?
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Yes. NRIs can bring into India gold upto 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months.
 
 andhra In what form can the gold be brought into India?
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The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).
 
 andhra Are NRIs required to pay customs duty on the gold brought by them into India?
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Yes. They are required to pay customs duty in any convertible foreign currency at a rate equivalent to Rs. 250/- per 10 grams of gold.
 
 andhra How often can an NRI bring gold to India?
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A NRI can bring gold into India once in six months.
 
 andhra Is it necessary that the NRI should have stayed abroad at least for a minimum       period of six months prior to his return to India for being eligible to bring gold?
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Yes.
 
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Import of Silver by NRis
 
 andhra Can NRIs bring silver into India?
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Yes. NRIs can bring to India silver upto 100 kgs as part of their personal baggage.
 
 andhra What is the rate of duty payable on such import?
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The rate of duty on import of silver is Rs. 500 per kilogram which is payable in foreign currency.
 
 andhra Can they bring both gold and silver?
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Yes.
 
 andhra Can NRIs sell gold/silver imported by them to residents?
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Yes. Gold/silver so brought by NRIs ca be sold to residents against payment in rupees. Reserve Bank has granted permission to persons resident in India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of NRI seller
 
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