Treasury & Forex, NRI Deposit and Remittances Facilities

Foreign Currency Non-Resident (Banks) account can be opened in the name of the following

• Non-resident Indian

• Person of Indian origin

• Overseas Corporate Bodies

• Both a and b

General permission is available to any resident individual to surrender received / realised /unspent forex with in a period of

• 60 days

• 90 days

• 180 days

• No time limit

Who is a PIO?

• a) Who was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955);or

• b) Who belonged to a territory that became part of India after the 15th day of August, 1947; or

• c) Who is a child or a grandchild or a great grandchild of a citizen of India or of a person referred to in clause (a) or (b); or

• d) Who is a spouse of foreign origin of a citizen of India or spouse of foreign origin of a person referred to in clause (a) or (b) or (c)

• All of the above

An NRI is a joint ac holder with local resident .The local resident dies. what is the best alternative?

• Bank should close the account & give the proceeds to a local resident related to the deceased.

• Bank should honor the NRI as the sole survivor and repatriate the funds after conversion.

• Bank should convert the account to NRO with NRI as the sole survivor.

• None of these

Who is not considered NRI?

• Indians going abroad for the purpose of research, tourism, business promotion, sports, medical treatment .

• PIO residing in Nepal/Bhutan/Pakistan/Bangladesh

• Crew members working for shipping and airline companies

• all the above

The maximum tenure for NRE FD is in years.

• 1

• 3

• 5

• 10

Under Baroda NRE Premium SB account avg quarterly balance is INR.

• 25000

• 50000

• 100000

• 500000

Full form of FATCA.

• Foreign Account Tax Compliance Act

• Fictitious Account Tax Consolidation Act

• Foreign Account Tax Treaty Compliance Act

• Fictitious Account Tax Compliance Act

FCNR deposit with Forex exchange rate cover for conversion to INR at maturity by leveraging upon the difference between spot rate and forward rate. Name the product.

• NRE

• EEFC

• RLFCD

• RFC

Loans Against 3rd party FCNR deposit in INR .What is the margin?

• 30%

• 10%

• 40%

• 20%