Disclosures. 1  Accounts that show no balance will be closed. To reactivate an account that has been closed for having no balance, a new account deposit of USD 10,000 or non-USD equivalent is required. 2  Indian resident is an individual who resides in India for more than 182 days per year.
gift. 1. something given voluntarily without payment in return, as to honor a person or an occasion or to provide assistance; present. 2. the act of giving. 3. something bestowed or acquired without being sought or earned by the receiver. 4. a special ability or capacity; natural endowment; talent: a gift for music.
What is a 'Gift Tax' A gift tax is a federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value.