Money
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by admin - March 19, 2007 - 1 comments
Most Indians who have immigrated to Canada or some other countries have tendency to keep some money or transfer some money back home. I am a first generation immigrant and I have seen many second generation immigrants too have some roots left in home country and have some investments or other reasons to transfer money back home. For this, one has to open an NRI deposit account.
Indian Government traditionally, has been offering lots of facilities for such deposits as this money contributes significantly to Indian foreign exchange reserves. This account can be opened by a NRI only. Therefore, for record, it is important to understand definition of NRI as per Indian laws. An NRI is an Indian citizen who stays abroad for employment/ carrying on business or vocation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad.
If you're like most Indians, you have debt. If you're like many Indians, you try not to think about just how much debt you have and what it's really costing you. If you did think about it, you might not sleep well.
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