ECONOMICS
BALANCE OF PAYMENTS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Debit in Indian Capital a/c
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Credit in Indian Current a/c
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Debit in Indian Capital a/c
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Debit in Indian Current a/c
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Detailed explanation-1: -According to FEMA guidelines for NRIs, sale proceeds of such assets are non-repatriable outside India without RBI approval. Repatriation of up to USD 1 million per financial year is allowed if you have inherited the property or retired from employment in India.
Detailed explanation-2: -FEMA permits receipt of foreign inward remittance by Indian residents either directly or through ADs. Foreign exchange received directly has to be surrendered to ADs within 7 days, except for retention limit of USD2, 000 referred to earlier. 2. Foreign Currency coins can be retained indefinitely without any limit.
Detailed explanation-3: -Invisible account of the balance of payments is a subcategory of the current account. The invisible account includes three sub categories – services, transfers and income. Here, the invisible account registers receipts and payments from exports and imports of services, transfers and income.
Detailed explanation-4: -FEMA 16/2000-RB, dated May 3, 2000 (Receipt from and Payment to, a Person Resident Outside India), as amended from time to time, provided the beneficiary of the account is a NRI as defined in Foreign Exchange Management (Deposit) Regulations, 2000.