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When an account is declared NPA?

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When an account is declared NPA?

Definition: A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days. Description: Banks are required to classify NPAs further into Substandard, Doubtful and Loss assets.

What is the maximum amount of loan permitted to the account holder against NRO deposit?

Not repatriable except for the following in the account – 1) Current income 2) Upto USD 1 Million per financial year (April- March), for any bonafide purpose out of the balances in NRO account / sale proceeds of assets in India acquired by way of inheritance / legacy inclusive of assets acquired out of settlement …

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What is the ceiling on the amount of advance remittance that can be affected against import of goods into India?

(b) In the case of a Public Sector Company or a Department/ Undertaking of the Government of India/ State Governments, approval from the Ministry of Finance, Government of India for advance remittance for import of services without bank guarantee for an amount exceeding USD 100,000 (USD One hundred thousand) or its …

How can NPA account be resolved?

Rescheduling the payment of debts payable by the borrower; Enforcement of security interest in accordance with the provisions of the SARFAESI Act; Settlement of dues payable by the borrower; Taking possession of secured assets in accordance with the provisions of the SARFAESI Act.

Can banks declare NPA now?

Can banks declare NPA now? As per the latest Supreme Court orders, banks cannot declare any loan an NPA till further notice. This is in response to several petitions challenging the imposition of interest on loans after the six-month repayment moratorium that ended on August 31, 2020.

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How can I repatriate money from NRO account?

To effect a repatriation transaction please provide the following documents:

  1. NRO Repatriation Application Form.
  2. A2 cum FEMA declaration.
  3. Form 15 CA & CB.
  4. Supporting documents to establish the source of funds being repatriated (see table below)

What is the time limit for settlement of import payments explain?

Time Limit for Settlement of Import Payments (i) In terms of the extant regulations, remittances against imports should be completed not later than six months from the date of shipment, except in cases where amounts are withheld towards guarantee of performance, etc.

What is normal transit period NTP?

The term Normal Transit period (NTP) used for the average period normally involved from the date of negotiation/ purchase/ discount of a bill, till the credit of that bill proceeds in the Nostro account of the financing bank.

Can Indian company pay in USD to other Indian company?

Going by FEM (Current Account Transactions) Rules, 2000, foreign exchange cannot be drawn where INR is allowed as a legal tender. Therefore two Indian parties cannot transact in foreign currency.

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Is PayPal illegal in India?

If you are an individual, you must be a resident of India and at least 18 years old to open a PayPal account and use the PayPal Services. If you are a business, the business must be organized in, operating in, or a resident of, India to open a PayPal account and use the PayPal Services.