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Foreign Exchange Management (Non-Resident Accounts) Regulations, 2000

This quiz covers the key provisions of the Foreign Exchange Management (Non-Resident Accounts) Regulations, 2000, which govern the opening and operation of non-resident accounts in India.

14 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is not a type of non-resident account permitted under the regulations?

  1. Non-Resident Ordinary (NRO) Account
  2. Non-Resident (External) Account (NRE) Account
  3. Non-Resident Special Rupee (NRSR) Account
  4. Non-Resident (Ordinary) Rupee (NOR) Account
Question 2 Multiple Choice (Single Answer)

Who is eligible to open a Non-Resident Ordinary (NRO) Account?

  1. Indian citizens residing abroad
  2. Foreign nationals residing in India
  3. Overseas citizens of India (OCIs)
  4. Persons of Indian Origin (PIOs)
Question 3 Multiple Choice (Single Answer)

What is the maximum amount that can be deposited into a Non-Resident (External) Account (NRE) Account?

  1. There is no limit
  2. USD 100,000
  3. USD 250,000
  4. USD 500,000
Question 4 Multiple Choice (Single Answer)

What is the interest rate applicable to Non-Resident Special Rupee (NRSR) Accounts?

  1. The same as the interest rate applicable to domestic savings accounts
  2. The same as the interest rate applicable to Non-Resident Ordinary (NRO) Accounts
  3. The same as the interest rate applicable to Non-Resident (External) Account (NRE) Accounts
  4. A fixed rate determined by the Reserve Bank of India (RBI)
Question 5 Multiple Choice (Single Answer)

What are the restrictions on the use of funds held in a Non-Resident Ordinary (NRO) Account?

  1. Funds can be used for any purpose
  2. Funds can only be used for remittances to India
  3. Funds can only be used for investments in India
  4. Funds can only be used for personal expenses in India
Question 6 Multiple Choice (Single Answer)

What is the minimum balance requirement for a Non-Resident (External) Account (NRE) Account?

  1. USD 1,000
  2. USD 5,000
  3. USD 10,000
  4. There is no minimum balance requirement
Question 7 Multiple Choice (Single Answer)

Who is eligible to open a Non-Resident Special Rupee (NRSR) Account?

  1. Indian citizens residing abroad
  2. Foreign nationals residing in India
  3. Overseas citizens of India (OCIs)
  4. Persons of Indian Origin (PIOs)
Question 8 Multiple Choice (Single Answer)

What is the maximum tenure of a Non-Resident Ordinary (NRO) Account?

  1. 1 year
  2. 5 years
  3. 10 years
  4. There is no maximum tenure
Question 9 Multiple Choice (Single Answer)

What is the tax treatment of interest earned on a Non-Resident (External) Account (NRE) Account?

  1. Taxable in India
  2. Taxable in the country of residence
  3. Exempt from tax in both India and the country of residence
  4. Taxable in India at a concessional rate
Question 10 Multiple Choice (Single Answer)

What are the restrictions on the repatriation of funds from a Non-Resident Special Rupee (NRSR) Account?

  1. Funds can be repatriated at any time
  2. Funds can only be repatriated after a period of 3 years
  3. Funds can only be repatriated after a period of 5 years
  4. Funds can only be repatriated after a period of 10 years
Question 11 Multiple Choice (Single Answer)

What is the maximum amount that can be remitted from a Non-Resident Ordinary (NRO) Account to India in a financial year?

  1. USD 100,000
  2. USD 250,000
  3. USD 500,000
  4. There is no limit
Question 12 Multiple Choice (Single Answer)

What is the tax treatment of interest earned on a Non-Resident Ordinary (NRO) Account?

  1. Taxable in India
  2. Taxable in the country of residence
  3. Exempt from tax in both India and the country of residence
  4. Taxable in India at a concessional rate
Question 13 Multiple Choice (Single Answer)

What is the maximum tenure of a Non-Resident (External) Account (NRE) Account?

  1. 1 year
  2. 5 years
  3. 10 years
  4. There is no maximum tenure
Question 14 Multiple Choice (Single Answer)

What are the restrictions on the use of funds held in a Non-Resident (External) Account (NRE) Account?

  1. Funds can be used for any purpose
  2. Funds can only be used for remittances to India
  3. Funds can only be used for investments in India
  4. Funds can only be used for personal expenses in India
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