FOREX AND IB

As per Sec V of FEMA " Resident in India" mean

• A person residing in India for more than 180 days during the preceding financial year

• A person residing in India for more than 181 days during the preceding financial year

• A person residing in India for more than 182 days during the preceding financial year

• A person residing in India for more than 183 days during the preceding financial year

NRI'S can open joint account with resident Indian on.....basis

• E or S

• F or S

• Either A or B

• Can not open joint account

TAT for branch to rectify rejected documents and re upload within how many days from the date of rejection by GNC?

• T + 2 DAYS

• T + 3 DAYS

• T + 5 DAYS

• T + 7 DAYS

Which regard to NRO account which of the following is incorrect?

• Funds in NRO can be repatriated upto USD 1 million or its equivalent per FY, subject to payment of taxes

• Current income in India like Rent, Interest, Dividend, Pension etc can be repatriated through NRO account without any limit subject to payment of taxes

• Interest earned on NRO deposits is taxable

• Loans can be availed against NRO deposits outside the country

Which of the following are permissible debits in NRE account?

• Remittance outside India

• Transfer to other NRE ACCOUNT

• Transfer to other FCNR(B) account & debits for investment in India

• All of the above

Who can open Foreign Currency Non Resident (B) account?

• NRI'S

• PIO'S

• NRO'S

• A & B

FCNR (B) CAN BE OPENED AS

• SB

• CA

• TDR/STDR

• ALL OF THE ABOVE

Which is the minimum amount to open a FCNR(B) Premium account?

• USD 5000

• USD 2000

• USD 1000

• USD 10000

WHICH OF THE FOLLOWING TYPE OF FUNDS TRANSFER IS NOT ALLOWED?

• NRO accounts to NRE accounts within an annual limit of USD 1 million

• From NRE accounts to NRO accounts

• NRE to FCNR(B)

• NRO to FCNR (b)

Which of the following are permitted credited in Foreign Student NRO account?

• Inward foreign remittance from abroad

• Proceeds of foreign currency notes/travelers cheque brought while coming to India

• Legitimate dues in India of the account holder i.e. Government scholarship, stipend etc.

• All of the above