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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: ratan lal who wrote (3193)11/10/1998 5:48:00 PM
From: Satya Podury  Read Replies (2) | Respond to of 12475
 
Talking of accounts in Indian banks, what are the IRS laws regarding reporting these accounts? As I understand, foreign accounts (e.g. NRI accounts) with a cumulative total of below $10,000 need not be reported. If the accounts are greater than this limit, then they should be reported to State Dept(?) on some form.

What do people do when they have large NRI accounts? Also, how is the interest gained on these accounts reported?

-satya


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