Blogs Frequently Asked Questions

The foreign currency is priced in two ways. The first is using a floating rate, which is calculated by the open market through global demand and supply. If the currency is in demand in the world, its value usually increases. The second method of pricing is a fixed rate, also called a pegged rate. The government determined it through its central bank and is set against another major global currency, such as the EUR or USD.

The Lebanese pound (LBP) is the least traded currency in the world as it is the least valuable and weakest currency in the world.

The worst exchange rate historically occurred in post-WW1 Germany. At the end of 1923, due to extreme hyperinflation, 4.2 trillion Deutsche Mark (DEM) exchanged for 1 US dollar (USD).

The strongest currency in the world is the Kuwaiti Dinar (KWD). The country’s currency demonstrates attributes such as oil wealth, a fixed exchange rate, economic stability, and a tax-free environment.

Foreign nations who belong to Indian origin or are married to an Indian cannot apply for the OCI card in India while being on missionary, tourist, or mountaineering visa. For this, first, they need to apply for an X1 visa and stay up to 180 days in the country then apply for a card from India.

Yes, with an OCI card, you can stay in India forever. The card grants a lifetime visa to the cardholder with multiple entries in the country for multiple reasons. Also, with the OCI card by your side, you do not register yourself with local authorities for your stay in the country.

Yes, OCI cardholders can apply for an Aadhaar card. However, for this, they need to fulfill the 182-day stay residency requirement in India. In this, within 12 months, they need to live in the country for at least 182 days preceding the Aadhaar card application.

Yes, an OCI can become an Indian citizen again. According to section 5(1) (g) of the Citizenship Act, 1955, provision an individual who has been a registered OCI cardholder for 5 years and has been living in India for one year out of the five years, is eligible to apply for citizenship in the country.

Yes, an OCI cardholder can take health insurance in India despite having preexisting health conditions. In case of preexisting medical conditions disclose this thing to the insurer or else there is a chance that at the time of requirement, your claim can be rejected.

Generally, the OCI application takes 4 to 8 weeks to process. However, this time may vary depending on the available volume of applications and individual circumstances.

There are several disadvantages of NRO bank accounts including taxation, repatriation limits, limited investment opportunities, and more.

Yes, US citizens can open a Non-Resident Ordinary account.

Yes, you can transfer money from a Non-Resident External (NRE) account to a Non-Resident Ordinary (NRO) account.

Yes, NRE account holders can repatriate money without any limit.

Yes, you can deposit money in your NRO account from India.

Form 15CA, Form 15CB, FEMA declaration, Bank Request Form, PAN card, VISA/Passport/OCI card. These are the required documents for repatriation from an NRO account.

The minimum balance for an NRO account depends on the different banks but is typically in the range of Rs 1,000 to Rs 10,000 per month.

When we talk about the time taken in the process of a repatriation request from an NRO account then it depends on the bank and the documents submitted.

The cover letter for a Schengen visa should be addressed to either the consulate or the embassy of the Schengen country you plan to visit.

Yes, a cover letter for Schengen visa application is necessary to get you a Schengen visa, as it explains everything about your visit. Hence to write a credible letter it is advised to go through few Schengen visa cover letter templates.