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Under the Foreign Exchange Management Act (FEMA) of 1999, N Indians (NRIs) and Persons of Indian Origin (PIOs) can open and maintain three types of accounts namely, Non-Resident Ordinary Rupee Account (NRO Account), Non-Resident (External) Rupee Account (NRE Account) and Foreign Currency Non Resident (Bank) Account – FCNR (B) Account. NRO ...
External commercial borrowing (ECBs) are loans in India made by non-resident lenders in foreign currency to Indian borrowers. They are used widely in India to facilitate access to foreign money by Indian corporations and PSUs ( public sector undertakings).
It will be available through non-resident external (NRE) and non-resident ordinary (NRO) accounts. [ 141 ] [ 142 ] Customers of Axis Bank , DBS Bank , ICICI Bank , Indian Bank , Indian Overseas Bank , and State Bank of India can now utilize the remittance facility between Singapore and India via the BHIM , Paytm , and PhonePe applications ...
A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.
Non-resident alien employees receive a completed version of this form from their withholding agent if they have one. For example, a postdoctoral student from a foreign country who receives a stipend from an American university would receive Form 1042-S from the university, but if the person is receiving payment in exchange for work done (such ...
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According to the International Monetary Fund's External Debt Statistics: Guide for Compilers and Users, "Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy."
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