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Cash credit: Overdraft Loans/Advances Bills Discounting/ Letter of Credit Consortium Advances
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Definition:FEMA 2000
A person Resident Outside India who is a Citizen of India or a person of Indian Origin is called a Non Resident Indian
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Person of Indian nationality or origin resident abroad may open, with authorised banks in India. He can open an account of savings, current or term deposit accounts. Opening of NRE Accounts jointly in the names of two or more non residents is permitted provided holders are persons of Indian nationality or origin. The minimum period for fixed deposit is 6 months and maximum period is 7 years.
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The minimum account for opening a NRE savings account is Rs. 10000 and for a deposit account is Rs. 25000.
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Remittance from abroad through banking channels in an approved manner. Proceeds of foreign currency notes and traveler cheques brought into India while on temporary visit to India. Transfer from an existing NR(E)/FCNR account of the same person.
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Power of Attorney
NR(E) Accounts can grant power of attorney Authority to residents in India for operating their NR(E) Accounts in India. Restrictions 1. Withdrawals for local payments only. 2. Holder cannot repatriate funds held in accounts outside India. 3. To make any gifts on behalf of the account holder.
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