There is no barrier to currency conversion in an NRO account because deposits are done in rupee denominations.
NRIs or POIs can make these payments in the denomination of their home country, and they must be held in any of the foreign currencies prescribed by RBI in that account. Many NRI accounts exist and can be used for earning decent returns. Visit the website to get started! The contents are generic in nature and for informational purposes only.
It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. Please consult your financial advisor before making any financial decision.
Business Banking Overview. Business Solutions. Corporate Linked Finance. Cash Management Services. About Us. Come work with us Track job application. Popular searches Product Hom e Loan. Download Article Benefits of Balance Transfer. Apply Now Product Personal Loan. In Case of Sailing on Foreign ships: Indian crew serving on foreign ships for days or more are treated as non-resident in India, irrespective of where the ship trades including Indian waters.
In case of sailing on Indian ships : A seafarer serving on Indian ships outside India for a period of days or more in a year is considered to be a non-resident. However, the time spent by a ship in Indian territorial waters is considered as period of service in India, according to tax rules framed in The number of days outside India of Indian crew working on such Indian ships gets counted only from the date when the Indian ship crosses the coastal boundaries of India.
This increase in days is also applicable to you if you are an India citizen or a PIO and you live outside India and you come on a visit to India. In case of Salary of a non-resident seafarer for services outside India on a foreign ship will not be included in the total taxable income of the seafarer, even though such salary is credited in the NRE account of the seafarer with an Indian bank.
For instance seafarer rendered services in Europe and spent less than days in India. This income will not be included in the total taxable income of the seafarer. That could benefit you in a big way — since your taxation will be very much in line with that of an NRI and therefore income that you may earn outside of India while you may have returned back will continue to be not taxed in India.
Therefore like an NRI —. And you can continue this status for a period of 3 years. However, once you have attained the status of a Resident, all of your income within and outside India will be taxable in India, barring any concessions that may be available under the Double Taxation Avoidance Agreement DTAA between India and the country from where your overseas income has arisen.
This is laid out in Section 9 of the Income Tax Act note that this applies to everyone while considering the income that accrues or arises to them irrespective of what their residential status is.
If your answer to any of these is a YES the law will consider these incomes to have accrued in India Keep watching out for more. Never Really Indian. Patel is an left India but never relinquished it in his heart. He is an NRI. NRI Nationalism. NRI Non-Resident Indian Nationalism is defined as expressing "love" for your country, India, while residing abroad by investing in transnational mining corporations based in India and supporting a govt that facilitates clearing of forests and incarcerating dissenters.
NRI Girls. Usually this term is applied to the daughters of rich Indians from India abroad.
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