No, you cannot deposit Indian rupees into an NRE account. The only way to fund an NRE account is via foreign currency remittance, foreign currency deposit when you visit India, or via foreign currency traveler's cheque. Since the NRE saving account is at par with the FCNR deposit, this is the restriction they have imposed. This also means that you cannot ask your friends, relatives, and parents to transfer money to your NRE account. I think the only way to transfer Indian rupees into an NRE account is by transferring money from your NRO account.
Can I repatriate funds from NRE or NRO Bank account? Yes
Yes, you can repatriate funds from NRE, NRO, or FCNR account abroad, but each has its own rules and limitations. For example, both NRE and FCNR accounts are most flexible in terms of repatriation, also known as freely repatriable, which means that no prior RBI approval is required to remit funds overseas from these accounts. This includes both NRE and FCNR fixed deposits as well as NRE saving the account. You can also repatriate both principal and interest earned overseas from these two accounts. One reason of that is because both of these accounts can only be opened form the fund you have earned overseas and you can only deposit the funds whose source is overseas. For example, you cannot deposit Indian rupees earned on India from rental income or any other income to NRE account.
Can You Transfer Money from NRE to another NRE, NRO, FCNR and Resident Saving account? ICICI or HDFC?
One of the most common question among NRIs (Non-resident Indians), especially among IT professionals traveling to the USA, UK, Singapore onsite is whether they can transfer funds from one NRE account to another NRE account, or NRO account, or FCNR account, or a Resident saving account or not? Since many IT professionals have their resident saving account in India when they traveled to Overseas and which they later converted to NRO account, this doubt is obvious. Well, since the NRE account is maintained in Indian rupees, there is no restriction on transferring your money from one NRE account to another NRE, NRO, FCNR, or resident saving account.
5 difference between L1A and L1B USA Visas?
If you are working for an investment bank like Barclays, UBS, Goldman Sachs, or Citibank or a service company like Infosys or TCS and thinking to move to the USA on L1 VISA then but don't know the difference between L1A and L1B USA visas then you have come to the right place. In this article, I'll explain the difference between those two. Many of my friends have moved to the USA on L1A and L1B in the last couple of years hence I have some personal experience talking with them. Similar to H1 VISA, L1 VISA is also a temporary VISA that allows a foreigner to work in the USA.
Limit of Foreign Currency NRIs or Foreigners can Bring to/from India - Indian Customs Limit for Foreign Cash
In the last article, I told you how much Indian currency NRIs are allowed to take Overseas, and in this article, I'll talk about how much foreign currency NRIs are allowed to bring India and then take back while going Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bringing foreign exchange in India from the USA, Singapore, Dubai, UK, or any other country, barring the local rules which tell how much foreign currency you take without declaring to Immigration or after declaring to customs.
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