accounts of foreign students Archives - Tax Heal https://www.taxheal.com/tag/accounts-of-foreign-students Complete Guide for Income Tax and GST in India Fri, 26 Feb 2016 06:09:19 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Bank Procedure for Opening accounts of foreign students https://www.taxheal.com/bank-procedure-for-opening-accounts-of-foreign-students.html https://www.taxheal.com/bank-procedure-for-opening-accounts-of-foreign-students.html#respond Fri, 26 Feb 2016 06:09:19 +0000 http://taxheal.com/?p=6869 Procedure to be followed by banks while opening accounts of foreign students (a) Banks shall, at their option, open a Non Resident Ordinary (NRO) bank account of a foreign student on the basis of his/her passport (with visa & immigration endorsement) bearing the proof of identity and address in the home country together with a photograph… Read More »

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(a) Banks shall, at their option, open a Non Resident Ordinary (NRO) bank account of a foreign student on the basis of his/her passport (with visa & immigration endorsement) bearing the proof of identity and address in the home country together with a photograph and a letter offering admission from the educational institution in India.

i. Provided that a declaration about the local address shall be obtained within a period of 30 days of opening the account and the said local address is verified.

ii. Provided further that pending the verification of address, the account shall be operated with a condition of allowing foreign remittances not exceeding USD 1,000 or equivalent into the account and a cap of rupees fifty thousand on aggregate in the same, during the 30-day period.

(b) The account shall be treated as a normal NRO account, and shall be operated in terms of Reserve Bank of India’s instructions on Non-Resident Ordinary Rupee (NRO) Account, and the provisions of FEMA. 1999.

(c) Students with Pakistani nationality shall require prior approval of the Reserve Bank for opening the account.

Source https://rbidocs.rbi.org.in/rdocs/notification/PDFs/18MDKYCD8E68EB13629A4A82BE8E06E606C57E57.PDF

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