Foreign exchange asset

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....bscribed to in, convertible foreign exchange; V RAVI NARAYANAN, IN RE- [2008 (3) TMI 52 - AUTHORITY FOR ADVANCE RULLINGS] Whether the non-resident ordinary (NRO) deposit acquired with convertible foreign exchange can be treated as a 'foreign exchange asset' under section 115C of the Income-tax Act, 1961? Whether the interest on such NRO deposits can be treated as 'investment income&....

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....vestment income of a non-resident Indian. Section 115E is the charging section. According to this section, investment income of a non-resident Indian shall be charged @ 20%. The expression 'non-resident Indian' has been defined in section 115C to mean a citizen of India or a person of Indian origin who is not a resident. 14. Now coming to the NRO account, Schedule 3 of the Foreign Exchan....

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.... there are restrictions on their repatriation. But the question here is not whether such repatriation is permitted or not, but whether repatriation is a requirement of sections 115C, 115D and 115E of the Act. In other words, can only a repatriable bank deposit be regarded a foreign exchange asset? 17. In the light of the above discussion, we hold that - (i) the NRO deposit to be made by the app....