Faqs Page BG

Frequently Asked Questions (FAQs)

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Baroda Omni
  • Baroda Omni
  • Current Accounts
  • FATCA-CRS
  • Shareholders Corner
  • Facilities to Returning Indians
  • How to register for Baroda Omni Services?

    Customer desirous of availing these facilities should submit an application form in the prescribed format to the branch where he/she maintains his/her account. After registration, customers of AnyBOB will be provided with a smart card and PIN (Personal Identification Number); ID & PIN will be provided to the users of Dial BOB and Connect BOB products. For security reasons, customers are advised to change the present PIN before using the facilities and also at frequent intervals.

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  • What are the timings for using Baroda Omni services? AnyBOB

    You can avail this service within the common banking hours of both the base branch & operating branch. Base branch is the branch where you maintain your account and operating branch is where you desire to avail the facility. Operating Branch can be any designated branch of your city.

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  • Dial BOB and Connect BOB

    You can avail these services from anywhere in India and abroad, all the 24 hours through a telephone/mobile phone (for DialBOB) or PC/laptop (for ConnectBOB).

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  • Are Baroda Omni services secure?

    Baroda Omni products are offered in a highly secured environment using state-of-the-srt smart card based technology, electronic digital certificates, etc. Access to Baroda Omni services is based on ID & PIN. ID & PIN are given to the customer after registration under the scheme. Only customer knows the PIN. For security reasons you are advised to change the PIN at frequent intervals and not to share with any one or write his/her PIN on any piece of paper, not in his/her exclusive custody.

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  • What is smart card?

    A smart card is a card similar to a plastic ATM or credit card but with a chip embedded on it. The main function of a smart card is the identification of the user and authentication of the card by the system. It is tamper proof and secret information cannot be read by anyone other than the customer himself.

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  • What to do if smart card is lost?

    When the card is lost you should immediately inform your branch/control centre and also submit a written application to the base branch. The loss of card message will be intimated to Baroda Omni control centre and the card will be hotlisted.

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  • Can somebody else family members can use my smart card?

    Other than the cardholder, nobody else can use the smart card. Smart card identifies the customer in four different ways photograph, signature, personal identification number i.e. his secret PIN and online verification of his account. PINs are to be kept secret.

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  • What actions are taken for the security of my account, if my card is lost?

    If the card is lost you should report to the base branch/control centre immediately. Base branch will intimate the message to Baroda Omni control centre and your card will be hotlisted. Once a card is hotlisted that card cannot be used anywhere else.

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  • What I have to do at the collection centre?

    You have to instruct your dealer/representative to deposit your cheque at our identified collection centre. You may also avail our pickup facility.

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  • I maintain an account with Bank of Baroda at other than the base branch. Can I avail BCR services?

    Yes, you can avail the services even if you are not maintaining the account at the base branch. For more information and details on procedure of availing the service, contact the branch manager of the base branch.

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  • Who can open a current account?

    An individual, proprietorship and partnership firm, limited company and even a limited liability partnership can open a current account. For specific eligibility criteria on current account opening, contact the nearest branch.

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  • What is the minimum balance needed for a current account?

    One of the benefits of a current account is the low minimum average quarterly balance. However, this amount varies based on the type of current account you hold. Ask your relationship manager or bank executive for more details.

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  • What are the benefits of a current account?

    With a current account, you can do a large number of transactions in a single day. You also access several banking services free of charge, depending on the type of current account. This includes applying for overdraft facilities on your current account.

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  • What is FATCA?

    FATCA is an acronym for the Foreign Account Tax Compliance Act, a new set of U.S. Tax Regulations brought in by the U.S. Government. to prevent the tax evasion by U.S. Nationals and the same enacted through the Internal Revenue Service (IRS), which is similar to the Income Tax Department in India.

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  • When was FATCA enacted?

    IGA between India and the U.S. was signed on 09/07/2015.

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  • What is the objective of FATCA?

    The primary goal of FATCA is to obtain information from countries other than (reporting) USA about U.S. persons. FATCA would help the U.S.A. to detect and prevent offshore tax evasion by U.S. persons by identifying them and collecting the appropriate tax on their holding financial assets outside the U.S.

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  • What is the objective of FATCA?

    CRS stands for Common Reporting Standard. To combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring cooperation amongst tax authorities, the G20 and OECD countries working together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI). The CRS on AEOI was presented to G20 Leaders in Brisbane on 16/11/2014.

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  • When was CRS enacted?

    India signed up for CRS on 03/06/2015..

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  • What is the objective of CRS?

    The primary goal of CRS is to combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad through mutual exchange of information among countries. 98 countries are the member of CRS.

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  • What information under CRS is required for submission?

    Collect and report information about account holders held by residents in other countries to their tax authorities through Automatic Exchange of Information. Information relates to individuals, shell companies and trusts having beneficial ownership or interest in the ‘resident’ countries.

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  • Is there any legal binding to report under FATCA and CRS?

    Necessary legislative changes have been made through Finance (No.2) Act, 2014, by amending section 285BA of the Income Tax Act, 1961. Income Tax Rules, 1962 were amended by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions for maintaining and reporting information.

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  • What to report?

    In case of an individual, the name, address, Taxpayer Identification Number and date and place of birth of each reportable person.

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  • Whom to report?

    Information regarding the reportable person should be reported to CBDT every year.

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  • Who is who?
    • FOR FATCA:One or more specified U.S. persons (U.S. person means an individual, being a citizen or resident of the U.S.A., or a partnership or corporation organised in the U.S.A., or a trust, or an estate of a decedent who was a citizen or resident of the U.S.A.)
    • FOR CRS:One or more persons that is a resident of any country or territory outside India (except the U.S.A.) under the tax laws of such country.

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  • I am not a U.S. person; why should I give self-certification?

    If you are not a U.S. Person, still you have to give self-certification stating non US tax residency. We have to abide by guidelines issued by Regulatory Authorities. In the absence of you providing the necessary details, we may not be able to process your application to open the account.

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  • I have given self-certification/undertaking at the time of opening of account. Do I need to give it again every year?

    You need not to provide us the self-certification again unless there are a change in circumstances, which results in change in your Tax Residency Status.

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  • How does the bank find out whether who is a U.S. person?
    • To identify U.S. persons for U.S. tax filing purposes, the Bank will run the following checks in case all the accounts are opened on or before 30/06/2014:
    • Identification of the account holder as a U.S. citizen or resident.
    • Unambiguous indication of a U.S. place of birth.
    • Current U.S. mailing or residence address (including a U.S. post office box).
    • Current U.S. telephone number.
    • Standing instructions to transfer funds to an account maintained in the United States.
    • Currently effective power of attorney or signatory authority granted to a person with a U.S. address.
    • An "in-care-of" or "hold mail" address is the sole address that the Reporting [FATCA Partner] Financial Institution has on file for the account holder.
    • In accounts, opened on or after 1/07/2014, basis will be the self-declaration by the account holder.

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  • Who is reportable under FATCA/CRS?
    • FATCA legislation will affect both individual and non-individual customers (entities) who are treated as ‘U.S. persons’ for U.S. tax purposes.
    • With respect to CRS, the coverage would extend to account holders/beneficial owners or controlling persons of entities, being tax residents of any of the signatory countries.

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  • Definition of Reportable Assets as per Sec 295 of IT Act 1963, rules 114G and 114H.
    • Financial account-any commercial, checking, savings, time or thrift account, CD, investment certification, certificate of indebtedness or other similar instruments held by a bank or insurance company.
    • Insurance contract.
    • Security viz. shares/stock, bond, debenture or other evidence of indebtedness

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  • Who is the resident of US (other than US Citizens) for the purpose of identification under FATCA?
    • You are a resident, for the U.S. federal tax purposes, if you are a Lawful Permanent Resident of the U.S. at any time during the calendar year. This is known as the "green card" test.
    • You will be considered a U.S. resident for tax purposes, if you are physically present in the U.S. on at least.
    • 31 days during the current year, and 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting
      • All the days you were present in the current year, and
      • 1/3 of the days you were present in the first year before the current year, and
      • 1/6 of the days you were present in the second year before the current year.

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  • If one or more of the 7 indicators for identifying U.S. persons match with my existing account details, but I am not a U.S. person, will the bank still give my information to U.S.?

    No, before ascertaining your tax residency status, bank will not provide any information to the U.S./any other country. This is why the bank obtains Self-Certification/Documents. If it is verified that you are not a tax resident of the U.S. or any other country, the bank will not depart with any information to anyone.

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  • No indicator matches with my existing account details but I am a US person. How will the Bank cover me in FATCA?
    • If no indicator matches with your existing account (accounts opened up to 30/06/2014) details, the Bank will rely upon the details submitted by you. Further, if you have not offered/submitted any updated information to bank about your tax residency/citizenship etc., the onus of its implications will remain on you.
    • In case of accounts opened on or after 01/07/2014, bank obtains the FATCA declaration (extended to CRS as well) on tax residency of the account holders. This document is a legally valid declaration and bank will rely upon information disclosed in this form.

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  • At present, I am not a U.S. person, but in near future I am likely to get residency of the U.S. What will my position be?

    It will depend upon your residency status at the cutoff date for the submission of information. However, you should update your account details as and when there is any change in circumstances which results in a change in your tax residency.

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  • Why the Bank is concerned to know whether I am a U.S. person or not?

    The Inter Governmental Agreement signed on 9/07/2015 between the U.S.A. and India made it mandatory for the banks to provide necessary information to the Indian Tax Authorities, which will then be transmitted to the U.S.A. periodically. Banks are required to provide information about the accounts held with them by the U.S persons or entities controlled by the U.S persons.

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  • I am a U.S. person but my joint account holder is not a U.S. person? What is the position?

    FATCA/CRS will be enforced on the U.S. person/tax resident of a country outside India only and not on any other person who is tax resident of India.

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  • I am a US person but the account balance is not from the U.S. Income?

    Under FATCA/CRS, banks provide only provide information about the accounts held with them by a U.S. person or entities controlled by the U.S. persons. Banks are under no obligation, to verify the source of funds in the account.

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  • I am a U.S. person, but can I be out of purview of FATCA.

    Under the extant Inter Governmental Agreement, certain categories of accounts are exempted from reporting. Accounts with a balance below the threshold limit (US$ 50,000) are subject to non-reporting.

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  • Will the bank deduct tax and remit to the U.S., if I come under the purview of FATCA?

    No, there is no such obligation has been imposed on banks in the extant Inter Governmental Agreement.

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  • If I do not provide you with any details to verify me being a U.S. person, what will the bank?
    • Under provisions of section 114H (8), bank will close down your account. However, the details of your account will be informed to the CBDT under the category of “Recalcitrant Accounts”.
    • But it has been decided that the financial institutions may not close the accounts by 31/08/2016 in respect of which self-certification have not been made under alternative process. The revised timelines for completing due diligence shall be notified in due course.

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  • If I do not provide you with any details to verify me being a U.S. person, and to the contrary close my account, what will be my position?

    Under provisions of section 114H (8), bank will close down your account. However, the details of your account will be informed to the CBDT under the category of “Recalcitrant Accounts”.

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  • Which accounts are covered under FATCA & CRS?

    All commercial, current, savings bank and term deposit accounts are covered under FATCA/CRS

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  • Is Bank of Baroda the only bank to be affected by FATCA?

    No. All Banks and other Financial Organisations will be affected by FATCA, however, their approach to adopting FATCA may differ. Bank of Baroda is committed to becoming fully FATCA-compliant in all countries where we operate.

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  • Is FATCA applicable to personal or business customers?

    FATCA legislation will impact both personal and business customers who hold an account, policy or agreement with Bank of Baroda.

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  • Am I only affected if I am a U.S. company?

    No. The impacts of FATCA are wider than just the U.S. companies. Bank of Baroda is reaching out to many business customers to determine their status under FATCA. The aim of this exercise is to identify customers which are reportable under FATCA. We will be communicating with customers who need to take further action..

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  • What do I need to do as a business customer?

    In order to establish your tax status under FATCA, the Bank may need you to provide additional information/documentation. This documentation could be a declaration or a U.S. tax form from the IRS. Bank will communicate with the affected customers that need to complete these forms and detailing, when they will need to be completed.

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  • Does FATCA replace existing U.S. tax rules that I already follow?

    FATCA does not replace the existing U.S. tax regimes, it may however, add additional requirements and complexity to the existing tax rules you may already follow.

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  • Why has my other bank asked for different documentation than Bank of Baroda?

    The way in which Banks and Financial Organisations collect information from their customers in order to confirm their tax status under FATCA may vary. This may mean that in some instances you are asked for different documentation from Bank of Baroda than another Bank.

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  • What information will Bank of Baroda report to the IRS or local tax authority?

    The information reported the local tax authority will depend on the FATCA classification of the customer. This information will typically be of a personal nature in relation to the substantial U.S, owners of a business (for example: name, address, U.S. Taxpayer Identification Number), and of a financial nature (e.g. account number, account balance/value). We will be communicating with the affected customers in detail on these requirements.

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  • Will Bank of Baroda supply me with all the forms I need to complete?

    Yes. If the Bank requires further information from you, we will either send you the relevant forms or will contact you.

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  • When do I have to provide the requested information and/or documentation for FATCA?

    In general, customers should supply the requested documentation and information by the date contained within the communication.

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  • Who are the Registrars and Share Transfer Agents of Bank of Baroda?

    Registrar and Share Transfer Agent
    KFin Technologies Pvt. Ltd.
    (Unit: - Bank of Baroda)
    Selenium Tower B, Plot No 31 & 32 Gachibowli,
    Financial District, Nanakramguda,
    Serilingampally Mandal, Hyderabad – 500 032
    Email id - einward.ris@kfintech.com
    Website: https://www.kfintech.com
    Toll free number - 1- 800-309-4001

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  • Where is the Head Office and Corporate Office of Bank of Baroda located?

    The Bank’s Head Office and Corporate Office is as below:

    Head Office:
    Bank of Baroda,
    Head Office,
    Baroda Bhawan,
    R. S. No. 576, R C Dutt Road,
    Opp. Centre Point, Alkapuri,
    Vadodara (Gujarat)-390007

    Corporate Office:
    Bank of Baroda
    Baroda Corporate Centre,
    C-26, “G” Block, Bandra Kurla Complex
    Bandra (East), Mumbai 400 051

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  • Where can I obtain information on Bank of Baroda’s latest Financial Results?

    Please click on this link https://www.bankofbaroda.in/shareholders-corner/financial-reports

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  • Where can I find information on the credit ratings of Bank of Baroda?

    Please click on this link https://www.bankofbaroda.in/shareholders-corner/disclosures-under-sebi

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  • Where is the information on the shareholding pattern of Bank of Baroda?

    Please click on this link https://www.bankofbaroda.in/shareholders-corner/shareholding-pattern

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  • Whom to approach in the Bank for specific questions?

    Investors’ Services Department
    Bank of Baroda, 7th Floor,
    Baroda Corporate Centre,
    C-26, G-Block, Bandra Kurla Complex,
    Bandra (E), Mumbai - 400 051.
    Tel.: 022-66985743 / 5731
    E-mail - investorservices@bankofbaroda.com

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  • Are returning Indians permitted to retain their assets abroad even after return to India?

    Effective 17/07/1992, the Central Government has granted exemption from the surrender requirement to persons who return to India after a continuous stay abroad of one year and above in respect of funds/assets acquired by them abroad otherwise than in contravention of FERA 1973 or out of foreign exchange earned through employment, business or vocation outside India taken up or commended while they were resident outside India. Persons satisfying the conditions of general exemption can retain their foreign currency accounts with banks abroad, and/or hold/transfer or dispose of their foreign currency assets such as shares, securities or investments in business, etc. and immovable properties.

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  • Are they required to obtain any permission from Reserve Bank for holding these assets?

    NO

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  • Do they enjoy any freedom in regard to utilisation of these overseas assets?

    Yes. They would enjoy complete freedom for utilisation of these assets as well as income earned or sale proceeds received subsequently.

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  • Can they bring back the overseas assets to India and hold them with a separate identity?

    Yes. They can repatriate these assets to India and hold them separately in India with authorised dealers under the Resident Foreign Currency Accounts Scheme.

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  • What is the Resident Foreign Currency (RFC) Account Scheme?

    This is a scheme approved by the Reserve Bank permitting persons of Indian nationality or origin, who have returned to India on or after 18/04/1992 for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year to open foreign currency accounts with banks in India for holding funds brought by them to India. Persons who have returned to India before 18/04/1992 can also open RFC account if (a) they are holding foreign currency assets abroad with Reserve Bank's permission or (b) they are in receipt of pension or other monetary benefits from their erstwhile employers abroad.

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  • Is any permission from Reserve Bank required for opening such accounts with authorised dealers?

    NO

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  • In which currencies can RFC accounts be maintained?

    RFC accounts can be maintained in any convertible currency.

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  • What funds can be credited to RFC accounts of Returning Indians?

    The entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their NRE and FCNR accounts at the time of return can be credited to RFC accounts. However, the foreign exchange brought to India in the form of foreign currency notes/banknotes/travellers cheques should have been declared to Customs at the time of arrival on the Currency Declaration Form (CDF), if it exceeded US$ 10,000 or its equivalent. In the case of foreign currency/banknotes, such a declaration on form CDF is compulsory if the amount exceeds US$2500 or its equivalent.

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  • Can income received from their overseas assets in the form of dividends etc., or sale proceeds of such assets be credited to RFC accounts?

    Yes. The entire income from such assets or sale proceeds of such assets repatriated to India can be credited to RFC accounts.

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  • Can pension received by the account holder from abroad be credited to his RFC account?

    Yes. The entire amount of pension received from abroad can be credited to his RFC account.

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  • NRIs returning to India for permanent settlement were granted RIFEE facility. Is this facility still available?

    No. RIFEE facility has been replaced by the RFC accounts facility.

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  • Can funds in RFC accounts be remitted abroad?

    Yes. Funds in RFC accounts can be remitted abroad for any bona fide purpose of the account holder or his dependents including exchange required for travel and other personal purposes and investments.

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  • Can funds in RFC accounts be utilised for local payments?

    Yes. Funds in RFC accounts can be withdrawn freely for local payments in rupees.

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  • Can a returning Indian desiring to go abroad again for employment, business, or vocation transfer his funds in RFC account to NRE/FCNR account?

    Yes

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  • Can persons who have returned to India after a short assignment of less than one year open RFC accounts?

    Their applications for opening such accounts would be considered by Reserve Bank. Persons who have gone abroad for studies, training, etc. are, however, not eligible for this facility.

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  • Can NRIs bring gold into India?

    Yes. NRIs can bring into India gold up to 10,000 grams as part of their baggage once in six months provided they have stayed abroad for a continuous period of six months.

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  • In what form can the gold be brought into India?

    The gold may be brought into India in any form, including ornaments (other than ornaments studded with stones and pearls).

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  • Are NRIs required to pay customs duty on the gold brought by them into India?

    Yes. They are required to pay customs duty in any convertible foreign currency at a rate equivalent to Rs. 220 per 10 grams of gold.

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  • How often can an NRI bring gold to India?

    NRIs can bring gold into India once in six months.

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  • Is it necessary that the NRI should have stayed abroad at least for a minimum period of six months, prior to his return to India for being eligible to bring gold?

    Yes

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  • Can NRIs bring silver into India?

    Yes. NRIs can bring to India silver up to 100 kgs as part of their personal baggage.

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  • What is the rate of duty payable on such import?

    The rate of duty on the import of silver is Rs. 500 per kilogram which is payable in foreign currency.

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  • Can they bring both gold and silver?

    Yes

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  • Can NRIs sell gold/silver imported by them to residents?

    Yes. Gold/silver so brought by NRIs can be sold to residents against payment in rupees. Reserve Bank has granted permission to people that are the residents of India to make payment to NRIs in Indian rupees by means of a crossed cheque in India and that such rupees are credited to Ordinary Non-resident Rupee (NRO) account of NRI seller.

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