Examples of NRE account in a sentence
When Units have been purchased through remittance in foreign exchange from abroad or by cheque/draft issued from the proceeds of the Unit holder’s Foreign Currency Non Resident (FCNR) deposit or from funds held in the Unit holder’s Non Resident (external) (NRE) account kept in India, the proceeds can be remitted to the Unit holder in foreign currency (any exchange rate fluctuation will be borne by the Unit holders).
The proceeds can also be sent to his Indian address for crediting to his NRE account / FCNR account / NRO account, if desired by the Unit Holder.
In case if the cheque is from NRE account, please furnish a NRI declaration / attached cancelled cheque copy from your banker.The bank account details provided for ECS / Direct Debit should be that of the First SIP cheque only.
Where redemption is received for units held by NRI and requiring credit of redemption proceeds to a NRE account, the fund may reject the redemption if the necessary documents like FIRC evidencing payment of subscription of units through NRE account are not provided by the investor.
However, a resident individual may be added as joint holder in NRE account under “Former or Survivor” mode of operations only.
Non-resident Indian shareholders are requested to immediately inform the Company/ RTA, if shares are held in physical mode or to their DP, if the holding is in electronic mode, regarding change in the residential status on return to India for permanent settlement and/or the particulars of the NRE account with a bank in India, if not furnished earlier.
Applications by Eligible NRIs (applying on a repatriation basis) should be accompanied by (i) a bank certificate confirming that the demand draft in lieu of the Application Money has been drawn on an NRE account; and (ii) if such Eligible NRI is a Person of Indian Origin (“PIO”), a PIO card.
Where the account holder is only on a short visit to India, the account may continue to be treated as NRE account even during his stay in India.
Non-resident Ordinary (“NRO”) account/ NRE account/ FCNR Account/ Non Resident Special Rupee (“NRSR”) Account/ any other permissible account in terms of applicable law, maintained with an RBI authorised dealer or a RBI authorised bank in India.
When units have been purchased through remittance in foreign exchange from abroad or by cheque / draft issued from proceeds of the unit holder’s FCNR deposit or from funds held in the unit holder’s Non Resident (External) Rupee (NRE) account kept in India, the proceeds can be remitted to the unit holder in foreign currency (any exchange rate fluctuation will be borne by the unit holder).