You can repatriate up to 1 million USD in one financial year from your NRO account.
FAQ Category: Services
What type of funds are held in the NRE bank account?
NRE bank account holds funds for income generated outside India. The balance in the NRE bank account is in the Indian currency denomination. There is no limitation on repatriation from the NRE bank account.
Can NRIs open their accounts with any bank in India?
The NRI can only open his bank account with RBI-authorised dealers/Banks.
Are NRIs free to open any bank account in India?
An NRI can open Non-Resident External Account, Non-Resident Ordinary Account and Foreign Currency Non-Resident Account.
What is the repatriation of funds?
Repatriation of funds refers to transferring funds held by an NRI from his Indian bank account to bank account of country of his current residence.
Who prepares the rental agreement?
The rental agreement is prepared by a real estate agent hired by the landlord and the tenant. To legalize the rental agreement, both parties must sign the contract in front of two witnesses who are non-beneficiaries of the property.
What do you mean by a verbal tenancy agreement?
A verbal tenancy agreement is an oral agreement between the tenant and the landlord. A verbal agreement decides the basic terms of the tenancy, such as the amount of rent, the duration, etc. Yet, all the rights and responsibilities of the tenant and landlord must be implied under the law due to the absence of any written agreement.
What do you mean by a written tenancy agreement?
Primarily tenancy agreements are written agreements between the landlord and the tenant. A written agreement specifies the terms and conditions of the tenancy in written form, and it must be duly signed by the landlord and the tenant in the presence of two witnesses. A copy of the tenancy agreement must be given to the tenant, and in cases of a joint tenancy, a copy of the tenancy agreement must be given to each tenant.
What is the stamp paper value required for the rental agreement?
The rent agreement should be either for commercial or residential purposes only. The stamp duty is 1% of the total rent and includes the deposit paid annually.