Dear Sir,
As your son is already working in Dubai ,he can either open an NRE OR NRO account, if he choose to open NRE all his transactions will be in Dirhams alone ( as he is in Dubai, all remittance should be in foreign currency only, and the account will be maintained in foreign currency only.) When ever he wishes to withdraw money the amount required will be converted to Indian Rupee , as per the prevailing exchange rate, and withdrawals allowed . In NRE a/c he can repartiate the balance in the a/c to foreign countries, and most importantly,
he need not to pay Income Tax on interest earned.
NRO a/c remittance can be in IR aswell in foreign currency, Interest earned is liable for INCOME TAX. BETTER OPEN AN A/C WITH NATIONALISED BANK OR SBI, because their charges will be Comparitatevly cheaper. He can contact managers of any Bank thru net they will supply him necessary advice and provide him account opening forms, Or you yourself can approach any Bank and they will guide you properly.
Regards
Adv. Abdulla
On Mon, Apr 4, 2016 at 2:09 PM, 'Sujoy Datta' sujoy.datta@rp-sg.in [worldmalayaliclub] <worldmalayaliclub@yahoogroups.com> wrote:
Hello Friends,
My son is working in an Indian IT company in Dubai. He gets his entire Indian salary in Dirhams and also gets local allowances in Dirhams. He wants to transfer some foreign currency earned in Dubai to India. What kind of account should he open in ICICI/HDFC bank in India, NRE or NRO ?
I would appreciate your valued suggestions/advices.
Sujoy Datta
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Posted by: Abdulla Mohammed <abdullamd52@gmail.com>
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