FEMA LAW Violations Can Be Expensive For NRIs - A Must Watch Episode - CA DHANUSH BOLAR

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  • เผยแพร่เมื่อ 17 พ.ย. 2024

ความคิดเห็น • 297

  • @nri_raj
    @nri_raj 2 ปีที่แล้ว +16

    Fund transfers are allowed between:
    1. Two NRE savings accounts.
    2. NRE savings account to NRO savings account.
    3. NRO savings account to Resident savings account.
    4. NRO savings account to NRO savings account.
    5. NRE account to Resident accounts.
    Fund transfers are NOT allowed between:
    1. NRO savings account to NRE savings account.
    2. Resident accounts to NRE savings accounts.
    3. Funds transfer using IMPS facility from ICICI NRE Savings Account to non ICICI NRE Saving

    • @redranger8324
      @redranger8324 ปีที่แล้ว

      Sir Please kindly help me, I have a big doubt regarding FEMA law.
      I have a NRE and NRO from SBI and using it as salary account. I'm a going to sail for 6months for the very first time.
      I also have another educational loan linked savings account from IOB.
      Should I redesignate my IOB savings account too?

  • @bishwambhar_sen
    @bishwambhar_sen 2 ปีที่แล้ว +38

    I completely agree with the last few statements. A dossier should be given to the NRIs to let them know of the FEMA laws and dos and donts. Otherwise how on earth would a normal citizen come to know of the complex FEMA laws?

  • @NileshPatel-un7zo
    @NileshPatel-un7zo 3 ปีที่แล้ว +8

    As far as We all know , FEMA law is not known in the most of the NRI communities. So it’s useful video. Thanks

  • @Watchhbx
    @Watchhbx 3 ปีที่แล้ว +6

    Your healthy information to all NRI Residents is outstanding

  • @yeskay9685
    @yeskay9685 3 ปีที่แล้ว +3

    Dr Chandrakant explains lucidly despite complicated statements by the guest- quite appreciate his earnest efforts 👍🏻✨

    • @abhilashjain652
      @abhilashjain652 3 ปีที่แล้ว

      Thanks for useful information
      Having share and there earning has to be in rupees old account

  • @matzac1414
    @matzac1414 3 ปีที่แล้ว +7

    I think it is the banks responsibility to make sure they do a background check before sanctioning the opening of a new account. I also think that Indian Immigration department should share certain section or information to the banking sector so whenever a person approach any local bank to open or operate an account or transaction the bank could also verify if the person is NRI or when the person entered India if more than 6 months or whatever the case may be.

  • @aithalsujatha
    @aithalsujatha 3 ปีที่แล้ว +18

    Actually the Banking staff should guide the people when they indulge ignorantly such activities which are against FEMA law. Not sure like NRI/NRE communities, they are also unaware of this process😂

  • @surendrabarsode8959
    @surendrabarsode8959 3 ปีที่แล้ว +21

    Ideally please make video for different types of NRIs - like those who are (a) employed abroad and have only salary income (b) businessman (c) others. This will simplify the discussion and it will be focused discussion. Also, please deal with "normal" issues and discuss separately exceptional or unusual or illegal issues separately.

  • @dl8030
    @dl8030 3 ปีที่แล้ว +13

    There are a lot of Indian Citizens who are working as Laborers in Gulf Countries. When these people want to send money via Banks, the Govt will charge Higher Education Cess (which is a Tax), Surcharge etc. The Indian Banks gives them low exchange rate and earn profits. All these effects their (laborers) bottom line because they are working poor. On the other hand, if they choose Hawala Operators, they get better rates, no money deducted, cash handed at home (no bureaucracy). The Govt has hardly done anything to help these people, who work so hard, to support their families back home.

    • @dadu251
      @dadu251 3 ปีที่แล้ว

      Government doesn't charge anything.
      Money can be transferred through exchange houses to the bank account at competitive rates.
      Havala and smuggling do give you benefit but they are illegal for a reason.

    • @dl8030
      @dl8030 3 ปีที่แล้ว

      @@dadu251 There is GST charged by Govt on Currency Exchange as follows:
      Amount of currency exchanged
      Derived Value on which GST will be charged
      GST on derived Value ( for rate@ 18%* )
      Up to INR 100,000 1% of gross amount exchanged
      From INR 100,001 to INR 10,00,000 - INR 1000 for Exchange amount of INR 1,00,000 plus 0.5% on remaining amount exchanged
      The Exchange Houses and Banks Charges hefty Commission and Fees.
      The Currency Exchange Rate differs from Institution to Institution. They are ready to rip off innocent workers. That why you can see Laborers shopping for rates from this place to that.
      Agree Hawala is illegal, but Govt and Ministry needs to do more.

    • @dadu251
      @dadu251 3 ปีที่แล้ว

      @DL : Sorry, I was not aware of this or maybe me and you are on different frequencies.
      When I transfer money from UAE to India through bank or currency exchange, no GST is ever charged irrespective of the amount.
      However you are right, there's a service charge by exchange houses, which ranges from INR 200 to 400 per transaction. Also, the rates are lower than the hawala rate because of obvious reasons. Hawala is illegal as it's used for money laundering etc.

    • @dl8030
      @dl8030 3 ปีที่แล้ว +2

      @@dadu251 I think you need to do some research and you will figure out that GST (Service Charge) on Currency Exchange is applied by Govt. Usually Exchange Houses in UAE hide this under Commission. Also I am curious to know which Currency Exchange in UAE charges you Rs 200 per transaction to send money to India, and what is their AED to INR Rate.

    • @dadu251
      @dadu251 3 ปีที่แล้ว

      @DL
      Thanks for the information.
      Al Jazira Exchange at Hamdan Street in Abu Dhabi charge AED 10.
      Rates are competitive.

  • @Rk-m84
    @Rk-m84 3 ปีที่แล้ว +8

    Very informative video. Thank you. India should have simplified laws which a 18 year old can understand. But laws are made so complex that we give up even understanding. It’s now very needed to get professional help.

    • @parthtool
      @parthtool 3 ปีที่แล้ว

      yes very intelligent people have sit together and made the laws after allowing the corrupt to run away with black money.

  • @nikhiljaveri222
    @nikhiljaveri222 3 ปีที่แล้ว +9

    Hello Sir this is a great knowledge and awareness session. It would be good if you can also provide details around investment in stock market and mutual funds and what is the position of fema law around it. Keep up the great work, thanks.

  • @believerone2001
    @believerone2001 3 ปีที่แล้ว +7

    Please educate the local bank managers who didn't give much attention over the last many years.

    • @aithalsujatha
      @aithalsujatha 3 ปีที่แล้ว +4

      Very true! As most of us were unaware, at least the Banking industry should guide the people when they do thses types of blunders without full knowledge.

  • @donivkmr
    @donivkmr 3 ปีที่แล้ว +3

    Thank you Sir for bringing a video on FEMA. Awaiting its second part. May be the faculty can come a little more prepared about the questions.

  • @bisuindia
    @bisuindia 3 ปีที่แล้ว +6

    Sir, as I understood from your video that as soon as we can we should redesignate our resident account to NRO account. When applying for the same in SBI bank, it needs an application form to be filled in with supporting documents like resident id card for residence status, tax certificate with tax identification number, cancelled cheque from present bank.
    All these documents needs time to acquire. So, on the mere basis of VISA, work permit or employment contract, it is difficult for someone who is going out of India for employment purpose to redesignate the resident account to NRO, before leaving India. UBI and SBI do not accept self attested documents too.
    In these circumstances, how someone should proceed to avoid FEMA law breach and open NRO account.

  • @dilipipatel8541
    @dilipipatel8541 3 ปีที่แล้ว +2

    Very important information. Thank you,Sir.

  • @rajendrakumargandhi6488
    @rajendrakumargandhi6488 2 หลายเดือนก่อน +1

    I have been an NRI for about 60 or so years. I will soon become a resident (OCI) Indian. I understand that I will have to convert my NRE & NRO joint accounts with my wife, who is an Indian citizen, to local joint accounts.
    We wish to buy one more property besides the one I already have as a gift from my parents.
    Can I do so jointly with my wife from the local account?

  • @linpaws002
    @linpaws002 ปีที่แล้ว +3

    Every law in India and are created for elites to know. Same with finance. Why could they not make common literate people with easy-to-understand terminologies know it so that they can avoid penalties or imprisonment. Hate these complexities & reliance on professionals who charge exorbitant fees for it😣

  • @sureshsomaiya5742
    @sureshsomaiya5742 ปีที่แล้ว +1

    Really very helpful & clearing various provisions

  • @navlogs773
    @navlogs773 3 ปีที่แล้ว +8

    I have a resident account with a prominent bank. While moving abroad, I submitted the documents to convert it to NRO and it was not converted even today. Moreover, the bank official saying it is OK to maintain it 😑. Before the NRIs, bank officials in India need FEMA education.

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว +2

      I agree. Bankers has to be educated about the FEMA implication.

    • @dhanikerai7055
      @dhanikerai7055 2 ปีที่แล้ว +1

      Agree. I spoke to my bank about resident account and the bank said nothing can be done until i return to india.

    • @manishksingha1987
      @manishksingha1987 2 ปีที่แล้ว

      Same for me. It's the other way round. I tries to close my NRE acc after coming back to India. I had an NRE FD ongoing and my banker simply asked me to wait till FD matures. This is clearly violating the FEMA law which even banker is not aware or intentionally doing so

  • @rohansivon
    @rohansivon 3 ปีที่แล้ว +8

    I just realised I'm violating the FEMA Law..
    However, it was unintentional from my part because neither my education system mentioned that there exists something like FEMA nor GOI handed out information when I traveled out of India. Banking system didn't ask me any questions when the money was remitted from abroad or there was any questions asked by the foreign exchange when I remitted the money.
    Whome to blame?

    • @believerone2001
      @believerone2001 3 ปีที่แล้ว +3

      The bank Managers themselves were not aware of FEMA. Please correct it now.

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว +1

      I agree with this. Bankers are not aware of FEMA laws. Better to take necessary steps to close this savings bank account and open NRO/NRE account in India.

    • @Mousudha
      @Mousudha ปีที่แล้ว

      So how did you rectify it? Did you open a NRO account?

    • @SS-ff3tx
      @SS-ff3tx ปีที่แล้ว +1

      Very true, myself was in ignorance until this far. The moment I realised that I need to convert my resident SB account to NRO, I approached banks for the changes. I hope I am not too late because i was completely unaware of this process

  • @sunnysingh786
    @sunnysingh786 6 หลายเดือนก่อน

    Great video sir but you forgot to mention what the actual penalties are for violating the FEMA laws and regulations. For instance, I was mistakenly guided to open a resident account a couple years back and I am just learning now that it is a violation.

  • @mcmaltaeurope4777
    @mcmaltaeurope4777 3 ปีที่แล้ว +1

    Congratulations 👏 I Welcome you from Beautiful Island 🏝 of Malta 🇲🇹 Europe 🇪🇺 ❤

  • @ramadasacharya9419
    @ramadasacharya9419 ปีที่แล้ว +1

    Question: I am a US Citizen & OCI had NRE & NRO account from 14 years ago. In the meantime I Indian company hired me as an employee on a contract and then I had to live in India and open resident account. I earned from your show it is not legal to hold NRE?NRO accounts. Where can I find out how to do it and pay the taxes on interest received still sitting in the account?

  • @retardharma
    @retardharma 3 ปีที่แล้ว +8

    Borrowing and Lending ---> So to summarize, Although the money is hard earned by You, in actual sense, it still belongs to the government and law makers !
    Maybe before becoming an NRI, one should take a break, learn and understand the FEMA law for a couple of years.

  • @Vikarna7618
    @Vikarna7618 3 ปีที่แล้ว +1

    Thank you for valuable information. I was completely unaware of it.

  • @vidyarao7930
    @vidyarao7930 ปีที่แล้ว

    Thank you for giving these information. God bless you.

  • @venkataraodevraju367
    @venkataraodevraju367 3 ปีที่แล้ว

    thank you sir, Independence day wishes to you from papua new guunea

  • @dulatrivedi5597
    @dulatrivedi5597 3 ปีที่แล้ว +1

    Most of the time bank employees are not educated on topic or they are negligent about performing their duties.

  • @vinayakkumthekar4102
    @vinayakkumthekar4102 3 ปีที่แล้ว

    Very nice and informative discussion videos by your channel NRI Clinic. Helpful to NRI community.
    Requested to make one separate video exclusively on Panelty clause and slabs for the violation of FEMA LAW specially related to Bank accounts and Incomes from India.

    • @NRIMoneyClinic
      @NRIMoneyClinic  3 ปีที่แล้ว +2

      This video will definitely be published . Its on our to do list

    • @vinayakkumthekar4102
      @vinayakkumthekar4102 3 ปีที่แล้ว

      @@NRIMoneyClinic Thank you.

    • @Pavitracreations
      @Pavitracreations 2 ปีที่แล้ว

      @@NRIMoneyClinic is this video published?

  • @ishgho
    @ishgho 2 หลายเดือนก่อน

    I have a NRO account in India; under what circumstances can it become dormant? Or what do I need to do to keep it active?

  • @jayabalramasamy4136
    @jayabalramasamy4136 3 ปีที่แล้ว +2

    Useful information

  • @mangaldesai5506
    @mangaldesai5506 3 ปีที่แล้ว +2

    1) What about a Married Woman who has had a old S B Account in Maiden Name & Continued in the same name by her parents even after she gets her Citizeship of another country ? Please Remember, She's Not Contributing but Parents are saving in her S B Account. Please guide.

  • @namdakunga
    @namdakunga 6 หลายเดือนก่อน +1

    I got ssn number and PR card also can I go for my Indian account to convert it in nre account

  • @venkataraodevraju367
    @venkataraodevraju367 3 ปีที่แล้ว

    Indian high commissions should educate the NRIs living in respective countries.

  • @potnisabhay1
    @potnisabhay1 3 ปีที่แล้ว

    Excellent discussions. Very useful

  • @premtrivedi9068
    @premtrivedi9068 6 หลายเดือนก่อน

    My resident account cannot be converted to NRI until I visit India.
    What can I do in this case to avoid penalties?
    I have a SIP debit going on and trading in stock market too

  • @satyajeetkumar1819
    @satyajeetkumar1819 2 ปีที่แล้ว

    Very informative and useful. Thanks

  • @mohammadasad3089
    @mohammadasad3089 2 ปีที่แล้ว

    If there's joint accounts one of them is NRI and one of them is residents may keep the accounts active and permissible

  • @anilprasanna
    @anilprasanna 3 ปีที่แล้ว

    Excellent video. Sharing it with all my friends.

  • @dcostarichard
    @dcostarichard 3 ปีที่แล้ว

    Wonderful video. Very informative. Thank you sir

  • @lonelyforever6912
    @lonelyforever6912 ปีที่แล้ว +1

    Sir I worked in Sri Lanka for some years I had a local account there (,dollar account) with HSBC bank where my salary used to come in USD.. that salary I used to transfer to my HSBC India resident saving account. I never opened an NRE or NRO account.. is this FEMA violation if yes what is the penalty or the punishment?

  • @InfotainmentVidyarthi
    @InfotainmentVidyarthi 2 ปีที่แล้ว +1

    Can we lend this video to our friends under FEMA law ?

  • @believerone2001
    @believerone2001 3 ปีที่แล้ว

    Even the reserve bank governors were in dark about this NRO which was not in existence not long ago. Forget, open an NRO account now. A local manager will nod it now indirectly

  • @straightpath8356
    @straightpath8356 3 ปีที่แล้ว

    Sir please use graphics to make notes in the video which will be easier for viewers to grasp the points. Otherwise viewers will get confused

  • @jayantdixit8940
    @jayantdixit8940 3 ปีที่แล้ว +1

    Due to COVID I am held up for last 2 years in Australia . I am a super senior (+i80) having FD and saving Bank A/C
    Having PR status. Returning as soon as Flights open

  • @sreeprakashedathilmadathil9413
    @sreeprakashedathilmadathil9413 ปีที่แล้ว +1

    Sir it is really an informative session. I would like to know if it is possible to settle in India for transactions between two NRIs outside india,
    a) by transferring between their NRE accounts in India
    b) by transferring between their NRO accounts in India.
    Also, another question, is it allowed for a NRI and resident of India to open a joint resident account in India

  • @akkikumar5309
    @akkikumar5309 2 หลายเดือนก่อน

    What happens to dormant ordinary account many years ago opens.

  • @skumar1959
    @skumar1959 8 หลายเดือนก่อน

    Would like to know the exact diff between NRE & NRO

  • @virugandhi7897
    @virugandhi7897 3 ปีที่แล้ว +1

    Sir, nri land money to relatives from nro account? Please give complete details of nro account operation.

  • @newday-hz8ox
    @newday-hz8ox 3 ปีที่แล้ว

    Usefull information,👏👏

  • @geetakaicker2815
    @geetakaicker2815 3 ปีที่แล้ว +1

    Can I give money from my NRO account to a resident accountof my brother

  • @ramasatyanarayan9887
    @ramasatyanarayan9887 ปีที่แล้ว

    Before going abroad and becoming an NRI, if he had invested in LIC policy, PPF account , Post office KVP, residential land in a city, is it necessary for that particular NRI to close these and how he should deal with this matter.

  • @praveen-hu4pt
    @praveen-hu4pt 3 ปีที่แล้ว +1

    Sir now a days all banks in India are fully digital right, but why they are allowing These type of transactions all this against fema law. They can make their software upgrade right to stop violation of FEMA. As banks are having completel knowledge all the laws.

  • @gopalakrishnakameswararaoa4721
    @gopalakrishnakameswararaoa4721 3 ปีที่แล้ว

    Good to hear NRI Fema regulations

  • @prakashp266
    @prakashp266 ปีที่แล้ว +1

    Hello sir,,,. What are the rules and regulations for loan taking from NRI...
    Do loan taken from NRI,,, is taxable income in India...

  • @lijukoommen476
    @lijukoommen476 3 ปีที่แล้ว +2

    What about MFs that partly purchased while resident and partly purchased while on abroad under same residential demat account...

  • @thoughty42
    @thoughty42 7 หลายเดือนก่อน

    I am an NRI. I have an NRE and NRO Accounts in India. I want to remit funds (50,000 USD) from my NRE Account to a Company Account overseas for some investment purpose. When I approached my AD Bank , they said you cannot transfer funds from your NRE Account to anyone else other than yourself account overseas.
    But as far as i know funds of NRE are fully repatriable to anywhere outside India.
    I tried looking after Master Circular for directions of RBI in this matter but couldn't find anything specific regarding this. Can you please let me know the correct regulation in this matter and if possible some reference to circular or document in this regard.

  • @varunnagpal8280
    @varunnagpal8280 2 ปีที่แล้ว +1

    I never bothered converting savings bank account to NRO account. How to fix this ?

  • @maritube123
    @maritube123 3 ปีที่แล้ว

    Thanks a lot for very informative presentation. What should be done to investments made in equities and MFs in Residence India Status . Can NRI can hold it or close down all portfolios?

  • @josephjohn3819
    @josephjohn3819 3 ปีที่แล้ว +1

    Question: how about pension account of an NRI?

  • @Sandeep-pv1kg
    @Sandeep-pv1kg 2 ปีที่แล้ว

    I don't understand.....I think funds can be transferred from NRE ACCOUNT TO NRO, and any others resident account,,but not vice versa!!!!

  • @harisankar6266
    @harisankar6266 3 ปีที่แล้ว +1

    The best way is to keep money in foregin bank.

    • @ieflobo
      @ieflobo 3 ปีที่แล้ว

      That's possible only if an nri is working on land I presume. Are there banks for seafarers to open account overseas?

  • @vinodmittal3303
    @vinodmittal3303 3 ปีที่แล้ว

    good information sir, thanks

  • @rajvemuri6061
    @rajvemuri6061 2 ปีที่แล้ว

    thank you sir, for the information,
    Are there any restrictions below scenario ?
    - Transferring funds USD to NRO account
    - From NRO account to parents account to have property on parents names
    - From my savings account can I transfer funds to NRO.

  • @TheAkashchitnis
    @TheAkashchitnis 3 ปีที่แล้ว +1

    Thank you for making this video.
    Great to get the facts from a professional.
    Very nice interaction and easy to understand content!

  • @saravanarangarajan7523
    @saravanarangarajan7523 3 ปีที่แล้ว +2

    My wife is a homemaker and she stays with me in Dubai. Does she has to close Resident account. She is not working here

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว +1

      Yes, she will be considered as person resident outside India as per FEMA. She has to designate her resident account to NRO account.

  • @grhprakash
    @grhprakash 3 ปีที่แล้ว +1

    Please explain if an applicant in a joint account becomes NRI how to go about it?

  • @anupsinha3664
    @anupsinha3664 5 หลายเดือนก่อน

    Minimum amount on which female law applies,. Even amount Rs 30 or 40 thousand attracts female law

  • @draseemgarg
    @draseemgarg 2 ปีที่แล้ว

    I really like your videos. My question is can NRI or foreign citizen with OCI hold multiple NRE/NRO accounts in India?

  • @prasannakumaredward8018
    @prasannakumaredward8018 2 ปีที่แล้ว

    very useful explanation bout FEMA. Iam a OCI living in Canada, I send money to many in India through SBI bank, Western union.
    My question is, I am retiring in Dec 2022. 20 years, after coming hear, I want to buy house in Banglore. can I able to transfer, about
    $400 K, to my NRE account. Thanks.

  • @JT_India
    @JT_India 2 ปีที่แล้ว

    If a brother sends monthly money to his brother in India out of his personal savings in USA and that help exceeds Ra. 10 lakhs per year , even when all transactions are through bank transfers, where the recipient brother receives the money in his bank account in rupees, is it still a crime ?

  • @deepaknirmal40
    @deepaknirmal40 3 ปีที่แล้ว +1

    @DHANUSH BOLAR Thanks you for very informative video. I have lend money to non blood relative. As you said it's not allowed for NRI, Is it advisable to get back these amount via my blood relative (e.g. My non blood relative transfer the money to my parents and then my parents transfer it to my NRO). Please advice.

  • @jbsojitra3088
    @jbsojitra3088 3 ปีที่แล้ว

    Very good video.can you guide on saving bank account by student studying abroad for using international debit

  • @sagarsriva
    @sagarsriva ปีที่แล้ว

    Sir, thanks for your amazing videos

  • @velbond007
    @velbond007 3 ปีที่แล้ว

    Great information. Thanks

  • @deeptipandey001
    @deeptipandey001 ปีที่แล้ว

    Sir if my father in law transfers 4000000(40 lakhs ) to his younger son residing in Sweden then it will be taxable in Sweden??

  • @venkatasatyanaraynasanapal1225
    @venkatasatyanaraynasanapal1225 2 ปีที่แล้ว

    What happens if savings Bank account for pension from the Government is continued, because pension account already opened can not be converted into NRO Account. Please clarify.

  • @jutovemi9932
    @jutovemi9932 2 ปีที่แล้ว

    Hello NRIs can hold a residential joint account with family member. That's what Bank informed. is it correct according to FEMA law ?

  • @avinandannan348
    @avinandannan348 2 ปีที่แล้ว +1

    If I am an NRI and I do have bank loan related savings and loan account should that saving account be changed to NRE? Will it cause any issue on the auto disbursements of the EMI from saving to loan account?

  • @DarshanSingh-oh6sm
    @DarshanSingh-oh6sm ปีที่แล้ว

    FEMA Laws Violations are attracted for NRIs . Further treating one as Resident or NRI is differentiated with thin line of Intentions of Living period outside of India or in India. So it should be simplified same as in Tax laws.

    • @redranger8324
      @redranger8324 ปีที่แล้ว

      Sir Please kindly help me, I have a big doubt regarding FEMA law.
      I have a NRE and NRO from SBI and using it as salary account. I'm a going to sail for 6months for the very first time.
      I also have another educational loan linked savings account from IOB.
      Should I redesignate my IOB savings account too?

  • @hitarth18
    @hitarth18 3 ปีที่แล้ว +1

    What happens when a NRI (OCI Holder) has a joint account with Parents who are resident Indian?

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว +1

      NRI/OCI can be a second account holder.

  • @udayakumar26
    @udayakumar26 3 ปีที่แล้ว

    What are the options for bringing back the money earned in foreign country. What are laws regarding the same?

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว +1

      Could you please tell about the present residential status of the account holder, nature of income earned outside India and whether the investment made when you are person resident in India or outside India?

    • @udayakumar26
      @udayakumar26 3 ปีที่แล้ว

      @@dhanushbolar7751 question is for the person living and working in USA on H1B visa and income earned through employment

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว

      @@udayakumar26 As per FEMA, you can remit the money to your NRE account.

  • @vkysharma10
    @vkysharma10 2 ปีที่แล้ว +1

    What if someone always transfer his foreign money to spouse NRE account and then transfer some money into his SBA from his spouse NRE account?
    Provided that individual never holds a NRE account but continue to invest in existing mutual funds and govt. scheme through his SBA, will that be a problem?

  • @naragowda145
    @naragowda145 3 ปีที่แล้ว

    Thx for the valuable information

  • @Magenfernandes
    @Magenfernandes ปีที่แล้ว

    My uncle has retired last year and not changed given up nre account as he was I’ll with covid , how to avoid any problems while changing the account now , can we inform the bank from our end or will it be looked over as a genuine cause

  • @dayaluiyengar6531
    @dayaluiyengar6531 ปีที่แล้ว

    I’m in U.S .A for last 5 months with Green Card. Any deadline to change my S B account to NRO account?

    • @redranger8324
      @redranger8324 ปีที่แล้ว

      Sir Please kindly help me, I have a big doubt regarding FEMA law.
      I have a NRE and NRO from SBI and using it as salary account. I'm a going to sail for 6months for the very first time.
      I also have another educational loan linked savings account from IOB.
      Should I redesignate my IOB savings account too?

  • @saravananvelu2664
    @saravananvelu2664 3 ปีที่แล้ว

    Very useful. Thanks 🙏

  • @cyinveai9730
    @cyinveai9730 2 ปีที่แล้ว

    What about joint account with my mother who is a resident ? My mom uses this account primarily for her needs. But she is old and thus I am on the account to ensure any digital management / speaking with bank when needed is handled by me.

  • @venkatrajeshwar290
    @venkatrajeshwar290 2 ปีที่แล้ว

    Very eye opening 🙏

  • @rohitgandhi8840
    @rohitgandhi8840 7 หลายเดือนก่อน

    If I have NRO fdr . Can I convert this in NRE fDR ?

  • @snehaghosh7711
    @snehaghosh7711 ปีที่แล้ว

    Sir I a question..I my currently in dependent visa in USA with my husband. I keep on traveling between India and USA. I m not working in USA and not a student. My visa is for 3 years. Am I a NRI according to FEMA? If so then every time I will travel between India and USA, I have to keep on changing my resident account to NRI and visa versa?

  • @shekhar102
    @shekhar102 3 ปีที่แล้ว +1

    Can NRIs transfer money from NRE or NRO account to an resident savings account of immediate relative (example parents) in another bank where the NRI himself is second holder in that account, but he does not operate or exercise any control?
    Can NRI can loan money to a third party or business from NRO account?
    Thanks for your answers.

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว +1

      1. Yes, you can transfer fund from NRE/NRO account to resident savings account in which you are a second holder.
      2. a) This would depend on whether you are a NRI or OCI card holder. As per FEMA, a resident can borrow from NRI or relative who are the OCI card holder. The borrower should ensure that the fund is not utilised in the business of chit fund, investment in capital market. agricultural/plantation activity, real estate (mere purchase & sell and leasing), trading in transferable development rights.
      b) This can be answered after knowing about type of entity (proprietorship, firm, LLP, Company etc) and nature of business involved.

  • @yadukrishnan9209
    @yadukrishnan9209 3 ปีที่แล้ว +1

    Also, even the bankers are not fully aware. For example, before I moved out of India, I went to my bank asking for conversion. But they said that it's not possible to convert even though I had visa/work contract/foreign apartment rental agreement. Is this correct?

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว

      Some banks insist for account holder's physical presence in India to convert resident savings bank account to NRO account.

  • @mcsnambiar7862
    @mcsnambiar7862 2 ปีที่แล้ว

    How can gift be purchased? It can be acquired.

  • @MmurariMmohan
    @MmurariMmohan 3 ปีที่แล้ว

    As an NRI....can keep PPF along with my savings account which was opened when was resident

    • @dhanushbolar7751
      @dhanushbolar7751 3 ปีที่แล้ว

      1. An NRI can continue to operate PPF account which was opened when he was resident and continue to invest further till the time it matures
      . After maturity account cannot be renewed.
      2. You cannot continue to hold resident saving bank account. It should be designated as NRO account.

  • @kokilapatel6530
    @kokilapatel6530 3 ปีที่แล้ว

    Regarding property inherited by NRI, what is the process for the family members when the head dies.
    Can you please go through the details what documents are required to have name tranfered to family members like wife, son, daughter.

  • @hadipatel5344
    @hadipatel5344 ปีที่แล้ว

    Hii Nice Video Sir My question is if I transfer 5 crore from my NRE account to Abroad in my bank account then I have to file 15 CA CB or any permission I have to take from FEMA ?

  • @vimalav5486
    @vimalav5486 2 ปีที่แล้ว

    If a person has a joint savings account with a resident which was opened before he became an NRI, should he close that savings account to comply with fema.?

  • @karmveershekhawat8477
    @karmveershekhawat8477 3 ปีที่แล้ว

    Very useful information 🌸

  • @Timdev33
    @Timdev33 2 ปีที่แล้ว

    What about joint NRI AC holders with resident Indian? Is that allowed or joint NRI AC holder needs to be converted to a Nominee? Thanks