Can I deposit Indian currency in NRE account?
Deposit / Withdrawal of Funds Funds originating from a foreign country (foreign currency) can be deposited in both NRE and NRO accounts. However, funds originating in India i.e. in Indian Rupees or INR can be deposited only in NRO Accounts and not an NRE Account.
How can I deposit my Indian rupee in NRI account?
How to deposit money in NRO/ NRE account
- Direct remit from your foreign bank account.
- Depositing physical foreign currency at your bank in India when or if you come to visit.
- Transferring funds from an existing NRE account in another bank in India.
Which currency can be deposited in NRE?
Indian Rupee
An NRE Account or Non-Resident External Account offers you this facility. Here, your money is converted into Indian Rupee or INR at the time of deposit. This means that you can deposit money in any foreign denomination, e.g. US Dollar and withdraw it in Indian Rupees.
Can I deposit dollars in Indian bank?
Yes, one can deposit check any currency cheque in his or her bank account. The process for clearance is longer than the Indian bank to bank clearance.
Is money sent from US to India taxable?
When you send money from US to India, the relationship between the sender and receiver is not important. The maximum tax-free amount you can send in a year is $14,000. Up to $14,000, no tax is charged. Beyond that amount, it would be subject to gift tax for the sender.
Can you deposit different currency?
Exchanging a Deposit Your bank will convert your foreign currency into U.S. dollars before depositing it into your account. While many financial institutions provide this service, smaller branches of some banks may not be able to process your deposit.
Is it legal to keep dollars in India?
You can indefinitely retain foreign exchange upto US$ 2,000, in the form of foreign currency notes or travellers’ cheques (TCs) for future use. Any foreign exchange in cash in excess of this sum, is required to be surrendered to a bank within 90 days and TCs within 180 days of return.
Can Neft be done to NRE account?
Ans: Yes, NEFT can be used to transfer funds from / to NRE and NRO accounts in the country. This, however, is subject to the adherence of the provisions of the Foreign Exchange Management Act, 2000 (FEMA) and Wire Transfer Guidelines.