NRI Account Opening in Saudi Arabia: Features & Benefits

 Indians in Saudi Arabia are the largest community of expatriates in the country that includes Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Indians living in Saudi Arabia can open an NRI account to avail a host of banking facilities. Some prominent Indian banks operate in Saudi Arabia through their branches/ representative offices or online to offer banking facilities for NRIs. Indians living in Saudi Arabia can apply for NRI account opening in Saudi Arabia with Indian banks like SBI, ICICI Bank, HDFC Bank, Bank of Baroda, Union Bank, etc. They can apply for NRI account opening online or visit a branch or representative office of the bank.

Manoj Negi

· 46,932 views

Credit Card Forex Payments under LRS

 With the advent of credit cards and their widespread acceptance, individuals have increasingly relied on them for making purchases abroad. Recognizing this trend, the finance ministry has introduced amendments to the FEMA, specifically targeting credit card forex payments under the Liberalised Remittance Scheme (LRS). In this blog post, we will delve into the details of credit card forex payments under LRS, exploring the implications, benefits, and guidelines for individuals looking to engage in international spending.

Charu Dhasmana

· 5,115 views

What is Liberalised Remittance Scheme (LRS)?

 Under the Liberalised Remittance Scheme (LRS), all resident individuals are allowed to freely remit up to USD 2,50,000 or its equivalent per financial year to another country for investment and expenditure. They can also open and maintain foreign currency accounts abroad for executing transactions. As a part of Foreign Exchange Management Act (FEMA) 1999, LRS was introduced on 4th February, 2004 with an outward remittance limit of USD 25,000 during a financial year.

Manoj Negi

· 28,265 views

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