Can NRIs returning to India deposit his/their income earned outside India in the Bank?
Posted by NriFinanceGuide on May 22, 2008
Yes, Non resident Indians – NRIs that return to India can deposit his or their income earned outside India in the Resident Foreign Currency Account, even if the NRI decides he/she can keep or retain his income earned outside India in any banking channel.
Under this RBI scheme for NRIs who were at point resident outside India for a said continuous period of a minimum one year and became resident after returning back to India are allowed to maintain his account in any freely convertible foreign currency for depositing their income earned outside India.
The following amounts can be kept or deposited in the RFC A/C -
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Balances in Bank accounts outside India and interest thereon.
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Dividend, interest, profit earned on investment in foreign currency in the form of shares or securities.
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Rent etc. earned from Immovable property outside India.
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Foreign exchange earning through employment, business or vocation outside India which was taken up while stay abroad.
