Non Resident Ordinary (NRO) account: Money transfer to taxation explained
All banking and investment transactions of a non-resident in India are regulated under Foreign Exchange Management Act (FEMA). Non-resident Indian citizens and Persons of Indian Origin (PIO) are collectively referred as non-resident Indians (NRI). They are allowed to have three types of bank accounts in India. Non Resident Ordinary (NRO), Non Resident External (NRE) account and Foreign Currency Non Resident (FCNR) Account in India.
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