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In order to facilitate the opening of an NRE or FCNR account, are the Non-Resident Indians permitted to utilize the funds of NRO or NRNR accounts?

April 26, 2017account facilitate FCNR indians non-resident NRE opening permitted utilize

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In order to facilitate the opening of an NRE or FCNR account, are the Non-Resident Indians permitted to utilize the funds of NRO or NRNR accounts?

1 Answer

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Interest on NRO account (subject to payment of tax) is fully repatriable. However, the funds can be utilised to open NRE or FCNR account after the procedural aspects are complied with ie, tax is deducted at source in case of NRO account and procedure for NRE or FCNR account is complied with.