Rakesh Arora, Advocate (Advocate) 07 June 2021
T. Kalaiselvan, Advocate (Advocate) 08 June 2021
NRIs open NRE/NRO account to manage their funds and for the purpose of repatriation of funds they use these accounts to deposit foreign income or income accruing in India. Repatriation from these accounts means remitting the funds to the country of residence of NRI.
The repatriation of funds can be repatriated to the foreign account of customer only and not to any other person’s account.
NRO account is opened to manage income earned in India.
Interest earned is subject to the tax deduction.
Interest income can be repatriated without any restriction, but the principal amount can be transferred up to USD 1 million in a financial year.
if the Donor is holding Indian Passport than there is no restriction on making Donations to NGO not having FCRA Registration but if the Donor is holding Foreign Passport than he/she will be treated as Foreign National and cannot donate to the NGO who does not have FCRA Registration.