Faculty of Commerce

School of Commerce
Assignment (Semester- IV)
Semester- IV
Class: S.Y.B.com (HONS) A & B
Subject: & Code No: Foreign Exchange Management COM2086B
Max. Marks: 15
Instructions to the candidates:
1. All questions are compulsory.

Q1 (3*5 marks each)

Jatin is an Indian Citizen, staying in South Africa for last 200 days. He works for
Discovery Channel in south Africa. He wants to explore Indian Wild Forest and
hence he is arrived in India in Last week itself along with crew members.

Jatin wants to open Non Resident account in India. He has gone to HDFC Bank
Ltd for account opening purpose. He has got list of documents from bank on which
he is working now. He is getting salary in USD from his company though he is in
India. He will be in India for next 5 months. Bank is asking him to choose between
NRO AND NRE Accounts.

Jatin is confused between taxability of his Indian income and also its repatriation
facility.

You are required to answer following

1.If you were a banker which documents you would have asked from Jatin for
account opening?

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2. If You were Jatin, which account you would have opened NRO Or NRE? Why?

3. Can Jatin open FCNR Account for receiving salary?

4. Is Jatin NRI as per FEMA ACT?

5. Comment on Repatriation facilities of Non Resident Accounts.