NRE account scheme governs eligible credits, withdrawals, loans, redesignation, nominee remittances, and tax exemption rules. The Non-Resident (External) Rupee Account Scheme permits NRIs and PIOs to open and maintain NRE accounts with authorised dealers and authorised banks. The scheme prescribes eligible credits and debits, permits loans against account funds subject to use restrictions, and allows redesignation of the account on change of residential status. It also regulates joint accounts, power of attorney operations, temporary overdrafts, tax exemption on interest and balances, nominee remittances, and reporting to the Reserve Bank.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
The Non-Resident (External) Rupee Account Scheme permits NRIs and PIOs to open and maintain NRE accounts with authorised dealers and authorised banks. The scheme prescribes eligible credits and debits, permits loans against account funds subject to use restrictions, and allows redesignation of the account on change of residential status. It also regulates joint accounts, power of attorney operations, temporary overdrafts, tax exemption on interest and balances, nominee remittances, and reporting to the Reserve Bank.
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