Banks are the backbone of an economy as they promote economic stability by providing liquidity, facilitating transactions and creating credit. Failure of any bank can cripple the economy and have a ripple effect on the entire financial system. It can trigger a chain reaction of defaults and losses, across various regions, leading to a wider...Read More

Can an Indian citizen perform any transaction in foreign currency  In India the permissible currency for undertaking any domestic transaction/s is the Rupee.  Transactions in foreign currency can be undertaken only in the case of cross border transactions. The foreign currency can be purchased from any Authorised Dealer who is approved by the Reserve Bank...Read More

Who is an Authorised Dealer In the context of banking, an Authorised Dealer is a person authorised by the Reserve Bank of India to undertake any dealings in foreign exchange or foreign securities under the Foreign Exchange Management Act, 1999.  What are the various categories of Authorised Dealer The various categories of Authorised Dealer Bank...Read More

What is an NRO Account  An account which is opened under the Non-Resident Ordinary Rupee Account Scheme in India is called as NRO Account.   It can be opened by anyone who is not resident in India. Hence, foreign nationals can also open an NRO Account. It can open by individuals as well as entities. Individuals...Read More

What is an NRE Account An account which is opened under the Non-Resident (External) Rupee Account Scheme in India is called as NRE Account.   It can be opened by Non Resident Indians (NRIs) or Persons of Indian Origin (PIO). A NRI is an Indian citizen who is resident outside India. A PIO is a person...Read More