Foreign Exchange is a new subject and it is like Greek and Latin for many. Let us, therefore, learn the basics of foreign exchange through this article.
Non-Resident accounts
A non-resident is originally defined as an Indian citizen who stays abroad for employment or carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad. So, any Indian citizen or a person of Indian origin who is going abroad for employment or business can open NRI Account. They can open SB, CA, FD and RD accounts. Along with other documents, they have to submit proof of their work or business, passport copy, etc.
There are usually two types of SB accounts, viz. NRE (Non-Resident External) and NRO (Non-Resident Ordinary) Accounts. Apart from these, they can open Term Deposits in foreign currencies under Foreign Currency Non-Resident Accounts or in Indian....
