Types of NRI accounts in India

1. Non-Resident (External) Rupee Accounts (NRE Accounts)
NRIs, PIOs, OCBs are eligible to open NRE Accounts. These are rupee denominated accounts. Accounts can be in the form of savings, current, recurring or fixed deposit accounts. Accounts can be opened by remittance of funds in free foreign exchange. Foreign exchange brought in legally, repatriable incomes
of the account holder, etc. can be credited to the account. Joint operation with other NRIs/PIOs is permitted. Power of attorney can be granted to residents for operation of accounts. The deposits can be used for all legitimate purposes. The balance in the account is freely reportable. Interest lying to the credit of NRE accounts is exempt from tax in the hands of the NRI. Funds held in NRE accounts may be freely transferred to FCNR accounts of the same account holder. Likewise, funds held in FCNR accounts may be transferred to NRE accounts of the same account holders.

2. Ordinary Non-Resident Rupee Accounts (NRO Accounts)
These are Rupee denominated non-reportable accounts and can be in the form of savings, current recurring or fixed deposits. These accounts can be opened jointly with residents in India. When an Indian National/PIO resident in India leaves for taking up employment, etc. outside the country, his bank account in India gets designated as NRO account. The deposits can be used to make all legitimate payments in rupees. Interest income, from NRO accounts is taxable. Interest income, net of taxes is reportable.

3. Non-resident (Non-reportable) Rupee Deposit Accounts (NRNR Accounts)
NRIs/PIOs/OCBs, other non-resident Individuals/entities are permitted to open these accounts. Accounts can be opened by transfer of freely convertible foreign currency funds from abroad, or from NRE/FCNR accounts. Deposits can be held jointly with a resident. Deposits can be for a period from 6 months to 3 years, and can be renewed further. Accounts may also be opened by transfer of funds from the existing NRE/FCNR accounts of the non-resident accounts holders.
The principal is non-reportable; interest can be repatriated. There is no income tax on the interest.

4. Non-Resident (Special) Rupee Accounts with banks in India
NRIs/PIOs presently have the facility of maintaining bank accounts and undertaking financial transactions in India subject to certain exchange control regulations.In order to simplify the procedures and to provide greater freedom to NRIs/PIOs for putting through financial transactions in India, NRIs and PIOs are now permitted to open bank accounts in India, which will be at par with rupee accounts, maintained by residents. They can now open Non-Resident (Special)
Rupee Accounts with banks in India which will have the same facilities and restrictions as are applicable to rupee accounts maintained in India by residents relating to repatriation of funds held in these accounts and/or income/interest earned on them. The scheme, which has become effective from April 15, 1999 provides that the procedure for opening such accounts is the same as that of domestic accounts of resident individuals. The existing facilities for NRIs/PIOs to maintain and operate Non-resident (Ordinary) i.e., NRO account, Non-Resident, i.e., FCNR account also continues. The repatriation facilities available under these accounts will continue as before.

5. Foreign Currency (Non –Resident) Accounts (Banks) (FCNR (B) Accounts)
NRIs/PIOs/OCBs are permitted to open such accounts in US Dollars, Sterling Pounds, Deutsche Marks,Japanese Yen and Euro. The account may be opened only in the form of term deposit for any of the three maturity periods viz; (a) one year and above but less than two years (ii) two years and above but leas than three years and (iii) three years only. Interest income is tax free in the hands of NRI until he maintains a non-resident status or a resident but not ordinarily resident status under the Indian tax laws. FCNR (B) accounts can also be utilised for local disbursements including payment for exports from India, repatriation of funds abroad and for making investments in India, as per foreign investment guidelines.

Whatsapp and friendship

Few days back , I joined whatsapp and here are some thoughts :
- Technically , It is light-weight and very fast for media files like pictures, videos etc.
- It is great way to connect with group of friends from the same domain. I am so fortunate that that I met lot of my class-12 friends via this group and it helped us in realizing that down under, we are still same kind of people as we were in 1992. As it happens in real-life, some of these friends were not my best friends then but this group converted them to best friends because best Friends are the ones who keep in touch with you when they go away from college no matter how busy they are...It also stamped again that heart never grows old...Our heart is as fresh and bubbly as it was and we are equally or even better sensible when it comes to 'non-sense' :). The fact is that we have grown over these years and developed a level of maturity and earned the titles like Dad,Sir,Damadji,Jijai... and don't get time to be ourselves again. The group has offered the opportunity still we all are not same so some of us are always sharing and active on this group and some of us are show up as and when need arise but what is important here is the 'feeling of togetherness' . No matter how busy are we , we read and listen to each-other and smile ( if not via emoticons ) and are always there for each-other.
- Yesterday a friend from this group sent the following song and I who always think that our bollywood songs capture emotions very well was positively surprised...

Fate chooses your relations, you choose your friends - Jacques Delille

Pay it forward ....

Heartening Message...Even when nobody cares about you 'Be good' and you will be facilitated with smile if nothing else :)

Comparative property price around Oslo

I always think how about selling my house in Oslo and buying a house in nearby areas which are conveniently connected with Oslo and offers quality amenities/housing as well. Recently, I found one article which helped in my search. With little bit of effort, I manage to get all in one place for the sake of simplicity ....

I don't like you because 'WHAT' ?

Human behavior seems to be complicated, specially when it comes to liking and disliking others.We get along with some people and at times we don’t get along with some people because of one or the other reason.Fundamentally it is found that our behavior comprised of one or more DISC properties. Never analyzed DISC in so depth so cant comment much on it but still I wanted to categorize some very common situations between 2 people to understand it better:

A- Me
B- Other person(important to me)
C- third person

I experienced that A does not like B because :
Case 1- A has violated something universally accepted principle or philosophy. eg. A is abusive or swindler.
So I should not like a person who is 'universally' on wrong side... in this way, Am I helping him or society ?
Case 2- B is doing the things which A thinks 'B should/must NOT be doing'.
So in other word I want the world to behave the way 'I want'... am I narcissist ?
Case 3- C doesn't like B so over the time A starts disliking B.
So in other words,I am so weak that I can't have my own belief system... am I meek ?
Case 4- If B doesn't like A then it does not matter if A likes B or not.
So in other words,I am insignificant for other person and just have 1-directional relationship... am I wasting my time?

I guess before liking and disliking a person, we should always get an answer to following question :
"do I value the differences other person has and do I seek to understand it well ?" and if the answer to both is 'Yes' then most probably , we are on right side.

How many Indians are in Norway ?

"So how many Indians are in Norway?" has asked me today. This was the same question that was thrown at me few days back but I did not have the correct answer so I thought that I would get the exact figure today and now I have the number(at least for a year ) . As on 1-jan-2015, Norwegian govt's statistical department website(www.ssb.no) says that there are 18568 Indian immigrants  in Norway and this includes following :
- Born in Norway to Norwegian-born parents
- Immigrants
- Norwegian-born to immigrant parents
- Foreign-born with one Norwegian-born parent
- Norwegian-born with one foreign-born parent
- Foreign-born to Norwegian-born parents

So it means it includes both NRIs+OCI/PIOs.

Can we do so many things and so good ....here is example :)

In today's hectic life , it is not possible to do the things one by one. Many time when I have involved myself  with multiple assignments and could not justice with some of them then I always think how could other people do the same in similar situation. In the situation like these quote like following helps and motivates to be on right track and be focused ...  

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