Trading Glossary

NiftyBees in an index ETF owned by GolmanSacs. The Nifty Bees fund holds all of the CNX Nifty50 index stocks and seeks to match the performance and yield of the CNX Nifty50 Index before fees and expenses.

As per Indian Income Tax Act, 1961, any Indian person staying outside India more than 182 days is considered as NRI (Non-Resident Indian).

A NRE bank account is Non-Resident External Account. Since it is an external Account, any monies lying in NRE account can be taken outside the country or in other words, the monies lying in NRE account are fully repatriable. This money can be converted into any foreign currency at the behest of the account holder and can be remitted outside the country. Money can be freely transferred from NRE account to NRO account.

A NRO bank account is Non-Resident Ordinary Account. Monies lying in NRO account cannot be taken outside the country or in other words, it is non repatriable. This money cannot be converted into foreign currency and hence cannot be remitted outside the country. Money cannot be transferred from NRO account to NRE account. Erroneously transferred money from NRE account to NRO account, cannot be transferred back to NRE account.