Designer

Hi all,

Someone pls explain me why Major portion of NRI's remittances are in NRO account instead of NRE account. Is there anything I am missing from this news article.

What about the best practice to disburse money to real esate dealing in India, from NRE or NRO cheques. I am talking abt white money only :


Source : Gulf news
Indian rupee’s downward spiral to continue | UAE Exchange Blog | Global Money Transfer | Send Money Online | Book Forex


Nipsy's post: http://www.indianrealestateforum.com/279273-post689.html

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anuj2703

I think major portion is in NRO instead of NRE because of better rate of interest as the link said "Domestic banks are offering attractive rates of up to 10 per cent per annum on NRO fixed deposits".

I am too looking for best practice to disburse money to Indian real estate considering REPATRIATION of funds in mind on SALE of property, options are:

1. from NRO
2. from NRE
3. Wire transfer directly from Foreign bank account
4. Tranfer to indian normal bank account and then to builder account

Please advice.

Cheers

anuj2703

After I post the above question, I found this link which answers some of the questions
NRI's guide to selling property in India - Times Of India