Sunday, 15 January 2012

RBI relaxes bank account and foreign exchange rules for NRIs & PIOs

The Reserve Bank of India has announced some changes to foreign exchange and bank account norms for Non Resident Indians (NRIs).
This has resulted in further liberalization of the Foreign Exchange Management Act (FEMA).
Following are the changes.

Holding joint account with resident Indians

NRIs will now be allowed to hold joint accounts with resident Indians – something that was not allowed so far.
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