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A:An Indian citizen leaves India for the purpose of employment, business, education, stay with parents/ children, with the intention of staying abroad for an uncertain period. In such cases, he becomes a NRI the moment he leaves India, even if he has not stayed abroad for 182 days or more during the financial year.
Q:What is the meaning of Non Resident Indian?
A :non-resident Indian (NRI) is a citizen of India who holds an Indian passport and has temporarily emigrated to another country for six months or more for employment, residence, education or any other purpose.
Q:Who is a PIO?
A:Persons of Indian Origin Card (PIO Card) is a form of identification issued to a Person of Indian Origin who holds a passport in another country other than Afghanistan, Bangladesh, Bhutan, China, Nepal, Pakistan, Sri Lanka.
Q:. Define Hindu Undivided Families (HUF):
A:The Hindu Succession Act 1956 governs HUF. The HUF carries out ancestral business and possesses ancestral properties.
As per Hindu Law two schools of thought, Dayabhaga and Mitakshara govern Hindu undivided family.
In west Bengal Dayabhaga is followed and in the rest of the country Mitakshara is followed.
In Dayabhaga the father acquires absolute right and sons do not acquire any right by birth in Mitakshara a male member acquires the right by birth.
Female members are not co-parceners except in Tamil Nadu and Andhra Pradesh.
The eldest male member is called as a Karta and all other male members are called as co-parceners.
The right to manage HUF property vests in the 'Karta' of the family.
Karta is either the father or the senior most male member of the family. All other male members are called coparceners.
In the interest of the family and family business, only the Karta can create a charge over the ancestral property. However, he cannot make a contract, which binds the other member personally. Other members are responsible to the extent of their share in the ancestral property.
HUF is not dissolved In the event of death of one of the members of the joint Hindu family. It differs from the partnership firm as on the death of one of the partners, the firm is dissolved. On the death of karta the senior most co-parcener becomes karta.
A coparcener continues to be a member of HUF, even after his migration outside India and acquiring status of NRI or taking citizenship of another country.
If the Karta himself migrates, an alternative Karta of the HUF is appointed by the HUF with consent from all coparceners.
Q: Discuss about Accounts of Sole Proprietary Concerns:
A:Banks do not open savings bank account in the name of a proprietorship firm but open current account in the name of the sole proprietary concerns.
Accounts in the name of a sole proprietary concern are treated like individual accounts.
The account can be operated either by the proprietor himself or by a person duly authorised to operate the account on his behalf.
Q: WHAT DO YOU UNDERSTAND BY TERM PARTNERSHIP FIRM:
A:Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them . Persons who have entered into partnership with one another are called “partners” and this entity is called a “firm”, and the name under which their business is carried on is called the “firm name”.
Q: What do mean by word Limited Liability Partnership (LLP) :
A:A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities unlike unlimited liabilty under partnership. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partner's misconduct or negligence.
Q:What are Brown Label ATMs
A:'Brown label' ATM are those Automated Teller Machines where hardware and the lease of the ATM machine is owned by a service provider, but cash management and connectivity to banking networks is provided by a sponsor bank whose brand is used on the ATM.
The `brown label' has come up as an alternative between bank-owned ATMs.
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