BOMBAY (PTI): A measure by India’s Federal Bank will enable spouses of nonresident Indians avail banking and investment facilities hitherto closed to them.
It has been decided to extend opening NRE and FCNR (nonresident expatriate and foreign currency nonresident) accounts as well as making investments in shares and debentures of Indian companies under various investment schemes available to Non Resident Indians (NRIs) to the foreign born spouses of NRIs also.
Accordingly a spouse (not being: a national of Pakistan and Bangladesh) of a citizen of Indian or of a person of Indian origin will henceforth be deemed to be a person of Indian origin, federal bank, the Reserve Bank of India said April 23.
The Indian government has been pursuing policies relating to exchange control with a view to invite more foreign investment 10° the country.
Article extracted from this publication >> April 30, 1993
