As per the Foreign Exchange Management Act, 1999 a person resident outside India, who is a citizen of India or is a person of Indian origin is called a Non-resident Indian (NRI). NRIs stay abroad for a number reasons. Some stay abroad as their family stays there, some stay as their career demands so, while some stay as they have their business established there and so on. Generally, all NRIs earn well, especially if they are the residents of countries like USA, Europe, Australia, and the Middle East. The difference in the currency value of the resident country and home country is so huge that the NRIs find it easy to send home money for usage and saving purpose. They wish to avail the benefits offered to them by their home country in order to make huge investments and benefit both the country as well as themselves.
NRE Account
A Non Resident Indian can open NRE account in order to avail the tax exemption benefits on their savings. NRE account stands for Non-Resident (External) Rupee Account (NRE Account). Here the account holder can keep his earnings and savings in INR only and the account is managed in the home country.open NRO account
↧