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WorksheetsNRI BUSINESS
Total questions: 40
Worksheet time: 14mins
Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA, 1999.
TRUE
FALSE
In terms of Regulation 2 of Notification No.13 dated May 3, 2000 of FEMA 1999, Non-Resident Indian (NRI) means a person resident outside India who is a citizen of India. A person who has gone out of India or who stays outside India, in either case-
For or on taking up employment outside India
For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period
For carrying on outside India a business or vacation outside India
All the above
The residential status of an Indian is defined in which act
FOREIGN EXCHANGE MANAGEMENT ACT
INCOME TAX ACT
STAMP ACT
NEGOTIABLE INSTRUMENT ACT
Non-Resident is a person who is not resident in India for a period of ...................days in the previous year as per IT act ?
150
90
182
365
A Non-resident who has returned to India for good is covered under the provisions of section 6 (6) of the Income-tax Act. He / she is given a special status of ................. , if the person is non-resident, as per the above provisions, for at least 9 out of 10 previous years prior to the previous year under consideration.
Non-Resident Indian (NRI)
Resident but Not Ordinarily Resident (RNOR)
Person of Indian Origin (PIO)
Overseas Citizenship of India (OCI)
A person who is returning to India after 9 years of stay outside India (and who was Non-Resident for each of the 9 years under the Income Tax Act, 1961), RNOR status can be held for a maximum period of ..........years only.
3 years
2 years
1 year
5 years
The resident POA holder shall NOT make payment by way of gift to a resident on behalf of the account holder.
TRUE
FALSE
The resident POA holder is permitted to apply for any of the Banks Anytime Channels i.e. INB, ATM etc.
TRUE
FALSE
RBI has now permitted opening of ............ NRO account for citizens of Bangladesh and Pakistan belonging to minority communities in those countries ?
one
two
three
not permitted
Opening of accounts by individual(s) of ....................... nationality may be allowed by Authorised Dealer or Authorised Bank, subject to satisfying itself that the individual(s) hold: (1) a valid visa and (2) a valid residential permit issued by Foreigner Registration Office (FRO)/ Foreigner Regional Registration Office (FRRO) concerned. (3) KYC Documents
AUSTRALIA
BANGLADESH
CHINA
NORTH KOREA
The .......................... account combines the benefits of a FCNR (B) deposit with Forward Cover to give enhanced return to NRI customers.
Forward contract deposit account
NRI savings bank account
FCNB Premium Account
NRO Fixed deposit account
The main difference between NRE and NRO account is
Repartiability of funds
Nature of accounts
currency of accounts
Reliability of accounts
A foreign national who arrived to India on tour, employment or for education purpose is allowed to open which type of the following account?
NRE AC
NRO AC
RFC AC
SB AC
Who is an NRI as per IT act ?
A person who has resided in India for a minimum period of 182 days in the previous year
If he is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.
Defined as per FEMA 1999
All the above
Expand PIO?
Pension Information order
Person of Indian Origin
Person from International organization
Person of Israel Origin
NRE account can be opened in the denomination of ?
Any freely convertible currency
Any currency
Indian Rupee
None of the above
NRE/NRO account can be opened in the form of ?
Savings Bank account
Current account
Fixed deposit or RD account
Any of the above
NRE/NRO/FCNR (B) Account can be opened jointly with Resident under "F or S" type ?
True
False
FCNR(B) account can be opened in the denomination of ?
Indian Rupee
Any foreign Currency
Any freely convertible foreign currency
Any of the above
Term Deposit under FCNR (B) to be opened for a minimum and maximum period of ?
One year & five years
Two years & four years
Three years & five years
Five Years & ten years
Which of the following type of transactions is not allowed among NRE,NRO and FCNR (B) accounts ?
NRE ac to NRE ac
NRO ac to NRO ac
FCNR (B) ac to NRE ac
NRO ac to NRE ac
FCNR (B) deposits can be opened in .................. currencies ?
6 (USD, EURO, GBP, JPY, CAD, AUD)
4 (USD, EURO, SGD, SAR)
5 (USD, EURO, GBP, CHF, NZD)
3 (USD, EURO, GBP)
Persons resident in Nepal and Bhutan cannot have the .................. accounts in India ?
NRE
NRO
FCNR (B)
NONE
Maximum amount that can be remitted freely under Liberalized Remittance Scheme ?
USD 100000/-
USD 200000/-
USD 250000/-
USD 300000/-
Our Bank’s Global NRI Centre is located in ?
Trichy
Mumbai
Kolkata
Ernakulam
NRE TDR/STDR can be opened for a Maximum Period of
5 years
10 years
7 years
1 year
In the case of Non-Resident External Rupee deposits and NRO deposits the interest rates are stipulated by
RBI
By Individual Banks
IBA
None of these
Minimum age for a NRI Home Loan borrower
18 years
21 years
24 years
25 years
Under NRI Car Loan Scheme, the loan must be closed before borrower attains the age of _______ years or before superannuation.
60 Years
65 years
70 years
75 years
What is the minimum NAI of the applicant to become eligible under NRI Car Loan scheme ?
12 times of NMI
15 times of NMI
18 times NMI
24 times NMI
Our exclusive wealth management "______________" is available to our NRI customers
Exclusive
Exclusif
Exclusion
Inclusive
DTAA is an agreement between two countries to ensure that the same income is not taxed simultaneously by both the countries and if taxed, a relief is given to the affected party
Double Tax Avoidance Agreement
Double Taxation Avoidance Agreement
Double Taxation Avoid Agreement
Double Taxation Availing Agreeement
Tax Residency Certificate(TRC) has been made mandatory for all non-residents for claiming the DTAA benefits
True
False
.................... facility is given for Loan against property (LAP)
Demand Loan
Overdraft
Term Loan
Cash Credit
Maximum loan under LAP at rural and semi- urban area i.e places with population upto 1 lac is
Nil
Rs. 1 Cr
Rs. 2 Cr
Rs. 5 Cr
What is the maximum loan amount under the loan against NRI deposits ?
No Maximum
Rs. 1 Cr
Rs. 2 Cr
Rs. 5 Cr
What is the minimum loan amount for NRI home loans ?
Rs. 2 Lacs
Rs. 3 Lacs
Rs. 5 Lacs
Rs. 1 Lac
For NRI home loan and Maxgain the repayment period is maximum .......... years or upto the age of ........... years or by the age of retirement, whichever is early .
25, 75
30, 60
30, 65
35, 70
POA in banks standard format if required can be given to close relatives namely, spouse, father, mother, brother, sister, Children, Father-in-law and mother-in-law
True
False
The limit of overdraft against deposits will be .........% of the face value of deposit for TDR/eTDR and .........% for STDR/eSTDR
75%, 90%
60%, 70%
50%, 75%
30%, 50%
