When an Indian leaves India (be it for studies or work or permanent settlement) he/she becomes a NRI, and his/her bank account is re-structured as a NRO Account. Till now, money from such an account could not be used in the country of residence. But this has changed. In terms of Master Circular No. 09/2005-06 [...]
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 [...]
Yes, non resident indians – NRIs coming back from abroad after a long trip/stay of at least one year or so can maintain and keep their balances in such foreign banks abroad and also maintain their bank accounts without any problems. These NRIs can also deposit all their income that they earn abroad while they [...]
