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Q&A: Did the NRI status exist before independence?

This was an interesting question from an online forum.

Wikipedia describes Non-resident Indian and person of Indian origin – “A non–resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily emigrated to another country for six months or more for employment, residence, education or any other purpose.” 96 more words

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NRI – Tax liability of Resident Foreign Currency (RFC) Account

After you return to India and when you become a resident as per FEMA, you can choose to park your overseas earnings or your NRE balances to an RFC account. 523 more words

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NRI - Tax liability of Foreign Currency Non Resident (FCNR) Account

FCNR is a foreign currency denominated account where you can park your foreign earnings and it will be free from exchange rate fluctuations.

You can create this FD only during the period that you are a non-resident. 159 more words

NRI

NRI - Non Resident External (NRE) Account

If you become an NRI as per FEMA, you can open this account to deposit your overseas earnings.

It is NOT mandatory to open this account however if you are likely to earn outside India for significant time and want the money to be repatriable, you should consider opening this account & deposit your overseas earnings in this account and not in the NRO account. 423 more words

NRI

NRI - Non Resident Ordinary (NRO) Account

If you have a resident bank account, you will need to convert it to an NRO account on becoming an NRI as per FEMA.

You will have to again convert this account to a resident account on return to India. 170 more words

NRI

8 Things that Scaachi Koul Said that Will Always Matter (Even When We are All Dead)

As children growing up, we tend to question everything and everyone. More often than not, we rebel against age-old customs imposed on us at every step, only to be told by our elders that we are too young to understand the ways of the world. 196 more words

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Income tax liability of Rental Payments to an NRI

A tenant who pays rent to an NRI owner must remember to deduct TDS at 30%. The income can be received to an account in India or the NRI’s account in the country he is currently residing. 250 more words

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