Can I send remitance money to india in normal resident account ?
u can remit money indian resident a/cs.
when indian national or person of indian origin residing in india leaves india foreign country (other nepal , bhutan) taking employment, business or vocation outside india, or other purpose, indicating intention outside india permanently or indefinite period, becomes person resident outside india. bank account, if any, in india designated ordinary non-resident account (nro account). such accounts can opened funds remitted abroad. . funds in type of account non repatriable, cannot remitted abroad account holders or transferred nre accounts without reserve bank’s prior permission. interest earned on these deposits not exempt indian income-tax.
accounts may maintained in form of savings or current or term deposit accounts. accounts can opened jointly non-residents close relatives resident in india , operations thereon resident account holders can made freely. if account used personal or business needs of resident account holder, may opened jointly person not close relative needs prior permission of reserve bank. interest earned on balances in nro accounts not exempt indian income-tax instead income-tax (at present @ 20%) deducted @ source i.e. @ time of payment of interest bank. balance held in nro account can neither repatriated nor remittance in foreign currency allowed without prior approval of reserve bank.
and abt nro account ?
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