NRI Remittance
Remittances to India are money transfers (called remittance) from no-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India.
Under the Foreign Exchange Management Act (FEMA) of 1999, Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can open and maintain three types of accounts namely, Non-Resident Ordinary Rupee Account (NRO Account), Non Resident (External) Rupee Account (NRE Account), and Foreign Currency Non Resident (Bank) Account - FCNR (B) Account.
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