Can I Convert funds of the NRI account to any other foreign currency?

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The funds held in the NRE bank account can be easily converted to any other foreign currency at prevailing forex rates. However, the funds in an NRO bank account cannot be freely repatriated to any foreign currency and is subject to conditions with a maximum limit of USD 1 million per financial year.

An NRE account is a bank account to manage the foreign income in India. It is a repatriable account and the principal and interest in the account are freely repatriable without any restrictions.

An NRO account is an account to manage Indian income earned by NRI in India. An NRO account is non-repatriable by its legal nature. Earlier, the funds from the NRO account were strictly non-repatriable. However, later in May 2012, RBI permitted the repatriation from the NRO account but with conditions.


1 Comments

Malini
1. Malini  Sep 3, 2020 23:12 I Like It. | Report Abuse Reply
Whether TDS deducted while sale of shares through NRE account be claimed while filing income tax return ??

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