TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Banks Can Credit NRE Accounts with Foreign Currency Encashment Proceeds, Aligning with AML Rules; Cash Limit Set at USD 3000.</h1> The circular addresses authorized banks regarding amendments to the Foreign Exchange Management (Deposit) Regulations, 2000, specifically concerning credits to Non-Resident (External) Rupee (NRE) accounts. It highlights the permissible credits under these regulations and aligns with Anti-Money Laundering guidelines, allowing cash payments up to USD 3000. Amounts exceeding this limit must be paid via demand draft or banker's cheque. The circular permits banks to credit proceeds from demand drafts or banker's cheques issued against foreign currency encashment to NRE accounts, provided they are supported by an encashment certificate. These directions are issued under the Foreign Exchange Management Act, 1999.
TaxTMI 
TaxTMI 
