Question

A Non ResidentExternal Rupee(NRE) account can be opened

Q: Answer-A Non ResidentExternal Rupee(NRE) account can be opened by any individual residing outside India. Wh...

Non Resident External account can be defined as anaccount that allows transfer or conversion of Indian currency across borders in an effective manner and is also equipped with options to avail various types of saving schemes in India.

by any individual residing outside India. Which of the following facility is not attached to NRE accounts?

A KYC norms are not applicable on NRE accounts.

B The interest earned by NRE account holders is not taxable in India.

C Loans in foreign countries can be availed by an NRI through these accounts.

D Transfer of funds across borders with no cost of transfer

E None is true.

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A Non ResidentExternal Rupee(NRE) account can be opened

Solution