Thursday, December 8, 2011

Is it leagal and correct to remit GBP to an normal saving bank account in India.?

Also let me know if both remitter and benificery are same people. ie A person is remmiting into his own saving bank account|||Any amount in any currency can be remitted to any savings account in India.


A person can remit money into his own account.But if the person has been abroad for more than 180 days he will become non resident,and his account will be a non resident account,which are of two types repatriable NRE accounts[in which no tax is deducted]and NRO which cannot be repatriated and the income from which is subject to Tax deducted at source of 30%

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