Question
Which of the following statements are true regarding the Foreign Currency Non-Resident (FCNR) Accounts:
Select the correct answer using the code given below:
- Resident Indians and NRI's both can open
- Only Foreign currency can be deposited
- Rupee can be deposited
- Can have both demand and time deposits
Select the correct answer using the code given below:
Answer: Option A
Answer: (a)
Foreign Currency Non-Resident (FCNR) Account can be opened only by NRI's/PIO's.
This account can be maintained in any freely convertible foreign currency but only in the form of term/fixed deposits. The interest and principal are non-taxable and freely repatriable.
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Answer: (a)
Foreign Currency Non-Resident (FCNR) Account can be opened only by NRI's/PIO's.
This account can be maintained in any freely convertible foreign currency but only in the form of term/fixed deposits. The interest and principal are non-taxable and freely repatriable.
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