New FLASH SALE Dhamaka - Flat 60% Off on All Courses

    Question

    An Ordinary Non-Resident Account (NRO) can be opened

    with:
    A Proceeds of foreign inward remittance Correct Answer Incorrect Answer
    B Conversion of existing resident account Correct Answer Incorrect Answer
    C transfer from another NRO account Correct Answer Incorrect Answer
    D All the above Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    An NRO (current/ savings) account can be opened by any person resident outside India  with inward remittances from outside India, legitimate dues in India and transfers from other NRO accounts are permissible credits to NRO account. When a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account.

    Practice Next

    Relevant for Exams: