Dubai NRI’s 3.41cr FCNR deposits get tax notice; ITAT spots yen-rupee error

A woman, who originally hails from Beawar, and now resides in Dubai, United Arab Emirates (UAE), decided to put money into investments in India. She along with her husband invested Rs 3.41 crore in two Foreign Currency Non-Resident (FCNR) term deposits. The husband’s name appeared as the first holder of both deposits, with the woman listed as the second holder.