WHEN SHOULD NRI'S CLOSE NRE-NRO-FCNR ACCOUNTS- By CA Sriram Rao
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- เผยแพร่เมื่อ 29 ก.ย. 2024
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Thanks a lot for the information. Can we ge the same type of information regarding Demat accounts pertaining to a NRI who is coming back to India permanently.?
Thank you for the session. It clarifies very important points. I have a question, when NRI return to India after retirement, can he/she transfer his provident fund money to india ? And will there be any tax on that ?
Nice presentation very useful
Thank you very much for this nice video. Just for your information, a NRI has to submit his Re-KYC every 2 year (that includes his employment visa outside India + tenancy contact + utility bill etc). Otherwise the account bcom inoperative. When a NRI retuned back to India, he can’t submit these documents. So, even a NRI don’t disclose his return, he can’t hold it for more than two years. Further, I hv a question to ask. If a person employed in a foreign company, having his employment visa from that company, salary is coming from abroad, but working from India, can hold NRE & NRO account?
I am aware of the fact that bankers have to do re-KYC of NRI every 2 years, but I have noted that the re-KYC documents are not collected by the bankers in most of the case for the reasons best known to them (of course there are exceptions).
If a person renders employment services from India (that is being in India), irrespective of where the employer is situated and where the salary is received, the salary income would be deemed to have been received in India and hence taxable in India even in the hands of NRI under Income Tax Act. However, he can avail certain benefits as available under DTAA between India and the country of his residence. Since such person is exercising his employment in India (work from home situation) he invariable be an person resident in India as per FEMA and would be required to close NRO/NRE accounts.
What about nre fixed deposits? Can those continue or we need to break the same? What if we could ntinue till maturity? What would be tax liability on the maturity of these deposits? Will they be taxed as resident deposits
You need not break NRE FD . But it needs to be redesignated as Resident FD. Interest becomes taxable for the years when you are a resident
Exactly. All banks advice same. If you break fds prematurely as he advices you end up paying penalties
What happens, if the person is working in abroad and he is staying in India for more than 182 days for vacation. What will be for income tax?
If his stay is fixed for a certain pre-determinant period, then he can be considered as Resident Outside India as per FEMA, but such stay should not be for a prolonged period of time and intention of stay should be able to proved with necessary documentary evidence.
How will Income Tax come to about the Intention of the NRI person. Example If NRI comes with an intention to stay in India for rest of his life then 182 days to be residents condition is not applicable.He is going to be resident. He has to close the Nro and Nre Account, but if income tax department questions him he can simple say that his intention wasn't to stay.
Intention should be substantiated with documentary evidence.. ..
@@NRIMoneyClinicI appreciate the quick response. can you give some example.
@@shivampathak5235 Say for example, you have resigned your employment/lost your employment/PR is cancelled or liquidated your assets abroad and come back to India, then it is a documentary evidence to prove that you have come back to India for good... If you have applied for some leave, come to India with a return ticket etc., it proves that you have come to India for a vacation...
@@sriramrao2514 Thank you for the lovely response.
Very informative. Can you please make a video on how an NRI can submit Tax return online?
Thanks for this wonderful video.
I see unfair ruling by RBI and here is why I feel so.
Before I became an NRI, I opened fixed deposit accounts, interest were taxed. Over a period of time (many years) the FD has renewed few times and during these many years my residential status has changed to NRI. Now these FDs should be considered NRE and hence should be exempted from the income tax. My request is based on the same logic(RBI) where NRE FDs are getting taxed upon we returning back to India and loosing NRE status.
Nutshell- IF loosing NRE status allows indian gov to tax NRE FDs THEN gaining NRE status should exempt previously opened FDs from the income tax.
Your understanding is wrong. FD opened when you were NOT an NRI will remain as it is. NRE FD can be opened only with the money earned from OUTSIDE India.
By your logic a person with 10 Crore fund moves to Dubai and start a pan shop there, all his money will become NRE and interest earned will be tax free. He may be getting 50 to 60 lakhs per year interest and normal tax will be 15 to 20 lakhs. By your logic he can save the tax and spending half of it can live in Dubai.
What about a US citizen of Indian origin on OCI, retired, living on US penson, comes to India to try to live here for a long time, not sure for how long, children and grand children and all siblings living in USA, what should this person do about closing NRE account?
If the period of stay is short then he can maintain NRE accounts... if the period of stay is long and indefinite, then better to close NRE accounts as he would be an Person Resident in India...
@@sriramrao2514 For NRIs that are US Citizens, they are always considered tax residents of USA wherever in the world they reside and for however long. So when you try to open a resident bank account in India with any bank in India, you are not allowed to open a resident bank account if you are a tax resident of any country other than India. Same happens for opening resident demat account in India. There is a lot confusion in the actual implementation of this resident/non-resident status esp. as it applies to US Citizens with OCI card who are residing in India. You are saying one thing, but the big banks (HDFC, ICICI, Axis, etc) treat this differently, and they explicitly disallow resident bank/demat accounts to NRIs with US Citizenship.
@@bhaumin I agree that there are lot of misconception around this even with bankers…
FYI- opening, maintaining and closing of any kind of bank accounts are governed by FEMA regulations and not Income Tax Act… practically I have seen that even bankers are getting confused about this as then take into account residential status as per Income Tax Act rather than FEMA which is not correct way of handling things in India…
It is correct that once a person becomes US Citizen, he becomes Tax resident of US, it this a provision as per US laws and it is also possible that a person being IS Citizen becomes a tax resident of India as per Income Tax act also… this position is called as Dual-residency and to solve this there are tie-breaker rules in article 4 of India-US DTAA
Love this channel for its simplicity and being straight to the point. As the tagline ways "No hype. Just the right advise". Bhat sir asks the right questions too. Thanks to CA Sriram. 👍🏼
Deeply appreciate this wonderful and informative content. The FY 2020 21, I am sure, Govt will be will be considerate to the NRIs who returned for short duration but couldn't perform their journey back due to Covid restrictions on international flights / Expiration of Visa during the intervening time / Temporary Suspension of visa by the host country etc. Clearly the intent is to get back to the host country. Such NRIs probably will be able to go back in next couple of months. I want to believe Govt will not enforce FEMA act on these individuals as this is an unprecedented force majeure ( act of God ) situation . However It is important FEMA consequences are clarified as was promised by the host of this video channel. This is such a grey subject that even qualified CAs have to do some research before commenting on the subject. Once again thank your for this enormous effort and would look forward for your next video on the Consequences part of FEMA.
I am also still looking for the answer as some individuals got stuck in india due to lockdown and lost the job of such a extended leave. What is govt saying on their residential status? It would be great help if Bhat sir Shriram Sir kindly clarify this point.
Thanks again for informative video.
Thank you Sir so nice to see an info-channel of this kind with very relevant concerns/questions being answered. I just happened to stumble upon on this site and so glad i found the information sought here.
Thank you very much for your kind words. Please subscribe and keep sharing the videos
You have described FEMA Law that to see stay more than 182 days in a year.
Is it same year for FY taxation or check stay in preceding year ?
I mean to say, if I have to file tax for FY21-22 and during FY20-21 I stayed less than 182 days in India than for FY21-22 even if I stay more than 182 days in India, will I be considered PROI under Fema for FY21-22 due to I have stayed more than 182 days outside India in FY20-21.
Ofcuz employment is a another different story to consider.
You must know that AO in IT departments are so dumb that they don't know these rules and they creating unnecessary problems and raising demand or they have mentality to harass taxpayer and get some bribe from Innocent NRIs and in 99% cases, it goes to CIT appeal to be get cleared which costs more with lot of extra time. Even big officers have know such knowledge. Its better avoid to stay in India more than 182 days
What IT department knows or does not know is none of our concern, we must know what is law and act accordingly. As far as residential status under FEMA is concerned, one must give priority to 'intention' of either going outside of India or coming to India rather than 'physical stay'. However, if physical stay has to be considered, then yes, under FEMA previous years stay has to be verified in order to determine residential status of this year...
This kind of talks should be despised,indian taxation is karnstak based karkunde culture which should be abolished totally, why should any person be under high blood pressure and tensed after earning sufficientoney fr himself out of his own skill , taxation makes everything and all individuals upset forever , indirect tax is only enough fr govt leaders to loot than why income tax returns without giving anything to the assessee directly it is like a housing society in anarkhy like the seven years old present inefficient govt in India
You earn all from outside and once you go and settle in India and bring your investment to India the Income tax guys start harassing you like you are a criminal. Better stay out.
Please tell about ppf account of NRI - opening of PPF account before NRI status, operation of PPF account after NRI status but before maturity of PPF account, closing of PPF account after maturity of 15 yr when NRI status.
Thanks Mr Sriram for the valuable information. Also we thank NRI Money clinic for service to NRI community.
On returning back to India for good, can NRI continue to hold the overseas bank account and overseas brokerage accounts which holds overseas securities? How long can maintain the same? Is there any disclosure requirements to RBI or IT department ?
Thanks
What about an employee of an Indian company sent overseas for a deputation of 7 months on a work visa. Employee paid overseas salary and taxed in overseas bank account. Should this person open an NRE/NRO account even though it’s a temporary deputation?
I remember reading somewhere sometimes back, an NRI ,after returning can keep NRE account for six years and obviously the biggest advantage is no tax on interest. Is that rule withdrawn or I misinterpreted something incorrectly ? Can one otherwise keep NRE account in RFC account to make use of foreign currency as and when required.
NRE/NRO accounts must be closed/re-designated to resident accounts as soon as person comes back to India for permanent settlement /after resgining/losing job or for exercising employment/business in India. Because on the date of arrival itself, such person would become a person resident in India as per FEMA. FCNR can be held till maturity.
One can check it yourself, RBI’s master direction 5R… para 4.9 of ‘Part II - Opening, holding and maintaining accounts in India by a person resident outside India’ - therein...
Its entirely a misconception that NRE could be held for 6 years upon arrival... there was never such rules...
As soon as returning, a person can convert NRE to RFC and continue to hold foreign currency that....
You said that one can keep an FCNR deposit till maturity if one returns to India. However, is the interest earned from the FCNR deposit taxable, because it was not taxable when one was an NRI.
Can you please tell about LIC policies taken by NRI before going to US
What is the situation in case NRI who have taken foreign citizenship and comes back for good and holds OCI card
My daughter is an Indian NRI in UK. She has an account with Barclays Bank in Surrey. Is it an NRE account in context with Indian Laws.
Due to the pandemic if a person cannot go back outside India, does that person lose his NRI status and will the person have to pay income tax since he cannot be outside India for 180 days from April 2020 to March 2021.
Will soon do a video this topic
@@NRIMoneyClinic pls , awaiting.
Pl let me know since I have also come back to India due to pandamic n do not know when I will.l return since the situation abroad has not yet improved n also international Flights have not yet started. Pl advice?
Excellent Information given Sir
Thank You both of You🙏🏻
very informative video, what if I have FD in NRE account? Can I maintain NRE till the maturity?
You are doing great service to NRI community
I am CA but not having clear information.
I daresay my 13 year old daughter can make simpler and clearer rules than the entire babudom of India - but again, I’m probably the hundred millionth Indian to reach that conclusion and make that observation :-)
Thank you both for the exceptional videos.
I am a foreign national with oci status. I will be getting a pension from abroad when i retire in india. Will I have to then also have to convert to resident accounts? Thank you both.
What happens to PPF account opened prior to becoming NRI & can it be continued till its maturity period?
If some one goes back abroad the what about those accounts...Again u have to open new nre account????
It is not cleared by you..
Could you please make a video about people who obtained foreign citizenship and are returning to India?
If wife comes back to India n husband still as btoad n ,n transfer of money from abroad continue in wife's NRE account,is it ok
Thanks for the session. I think it will be a good idea to start with defining who is an NRI? For example difference between a person staying in Canada as a Permanent Resident and holding an Indian Passport versus A Canadian Citizen of Indian Origin (OCI) holding a Canadian Passport. Thank you.
* If you're looking from a Banking point of view : Indian passport holder with a valid PR or a Canadian passport holder with a OCI, both will be eligible to open a NRE / NRE account in India.
* From Indian Taxation/ filling of Income tax in India / Ascertain Resident Indian status - point of view : This will depend on the NRI, if he/she is out of India for X number of days in a FY as per income Tax of India rules to qualify as a NRI.
If you're holding Indian passport with valid Canadian PR or if you're holding a Valid Canadian Passport with OCI , but if you're in india for X number of days and qualify as a Resident Indian as per Income tax rules, you'll be liable to file taxes and pay necessary taxes here in India, provided you qualify as a Resident Indian (after considering RNOR Status).
This is good question to address. It would be logical if NRI status is granted only when the person acquires foreign passport.
If NRE FD has to be closed on returning to India, will it be premature closure of the NRE FD or will the type of FD change from NRE to normal FD? Closure will lead to penalty of interest by the bank. Please clarify
This question can be better answered by your banker.
As I understand from my bankers, the NRE savings will have to be converted Resident savings account, but the NRE FDs can continue. However all the interest accumulated on NRE FDs from the time of status change are to be included in Resident taxable income and tax must be paid. On maturity, the NRE FDs will get converted to Resident FDs.
@@karthiksury1587 most of the times the bankers are ill informed. Don’t believe me, check the below link yourself, which RBI’s master direction 5R… check para 4.9 of ‘Part II - Opening, holding and maintaining accounts in India by a person resident outside India’ - therein
www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198
@@sriramrao2514 thank you. I thought it will benefit many. Hence I posted
@@karthiksury1587 thank you so much
why talking about NRI no one mention Seafarers / Mariners??
return means coming back. return back is an oxymoron. No need to say back after return.
Thank you very much for your feedback. Point noted. Yours was an accurate estimate.
seems the laws are vague and subjective at the end of the day.
It's crystal clear information 👌thanks team you made such a WONDERFUL information for those who NRE AND NRO...categories
Video needed regarding Aadhar card Nri pan card linkage or pan card invalid or without linkage how can Nri file tax online problems website for filing tax after Last date given for Aadhar card many Nri not have
What about the PIO (or the OCI HOLDER) want to live in India for a long long time (let’s say couple of years)…&.. is a retired senior citizen… CAN HE KEEP HIS NRE / NRO A/Cs?!
The rules are same explained in the video for a PIO/OCI card holder
@@sriramrao2514
Thanks SR… Even if I’ve no income in India & I survive on my pension & SS?
Which I’ll have to transfer every month to survive?
Can I transfer INR or USD from my NRE account in Gulf to my Children NRE account in US / Canada
Yes, you can
One can close just a week before the 180 days deadline.
Dear Sriram, I am happy that I already got the relevant answers for the questions I posted a while ago, by strolling thru the several trailing comments below by various individuals along with your respective comments on RNOR. Anyways, I am going to leave my earlier comments "as is" so that any new watchers (like me) can benefit from these comments...
what will happen to bank account number if converted from NRE to normal account , some times you need to wait long to receive dues form overseas companies.
Hi,
Im an OCI and would like to stay in India for just couple of years for family reasons. I have an NRE account which I would like to remit funds to. I understand that I need to close my NRE account after I stay in India for 183 days as my residency changes. But I have few properties back in my foreign country and have alll the intentions to go back, in that case can I repatriate the funds back to my foreign country (the same funds that I earned overseas and remitted to India) without paying the 20% TCS? I am willing to pay the taxes on the interest earned on my foreign remitted funds but not sure how is it fair to pay to 20% TCS on my foreign funds. Please advise.
There are separate video's in this channel about non-resident remittances, applicability of TCS etc... you can watch them and be guided....
I am an NRI & a Chartered Accountant by training. I have been working outside India for last 24 years.
I have decided to retire & settle in India.
I have various NRE Term Deposit Accounts which will mature, say after 3 years but in the meantime my status has changed from NRI to Resident individual.
I can maintain the term deposits until maturity. What will be tax treatment of interest earned? Will it be taxed from the day I come back to India?
There is a video on this channel titled " What happens to your NRI FDs When you become a Resident Indian " please watch and be guided
Uncle- You are the best source of knowledge in this field! Please talk about PIS & Non PIS account too for NRI's
What happens if non Indian passport holders wants to open an account?
I think the information is not correct and confusing.what happens to all the NRE fixed deposits in INR which has not matured??And the ones which are un callable??Do the NRI has to break those deposits prematurely??
And suppose after 1 or 2 year the person decides to go back?
Intention can change anytime.
As far as i know there is a RNOR status given for 2 to 3 years to all NRI who has settled in india during that period he can settle all accounts.
Information is correct… NRE deposits also needs to be redesignated as resident deposits… it does not mean breaking FD’s… further RNOR status is under Income Tax Act only and doesn’t apply in case of maintenance of bank accounts which governed by FEMA which has definition of resident and non resident separately
I am resident of india and having joint account in bank with daughter..wife..mother ...so getting green card in usa....(..not working in usa..)..my family is in india...only son in usa...so should i close joint account ....i am not citizen of usa
Understand that there is a difference between citizenship and residential status. You may be citizen of India, but may become resident of other country. If you are then be guided by the video content.
wat about people with oci has to close nre account wen in india
Very informative I have to follow up on this.
I am keen to watch all your queries / program. I also take the liberty to circulate this to all my friends.
Many many thanks for such a informative program
Ok understand how to close the NRE account when NRI returns to India, but dint clear in which account this money should maintain, either ordinary SB account or current Account ? And is there any interest we should pay while maintaining this money. Appreciate your feedback in this regards
You can convert these NRE account to resident, there is no need to close.... if funds are in NRE SB, then the same will be converted to resident SB and if it is in NRE FD, then it will be converted to resident FD...
What if OCI holder stays in india for lets say 5 yers plus has intent to stay back in india for a longer time for some reason....can he/she still have NRO account!
No.... they have to convert to resident account...
What about the persons working in Merchant Navy who doe come back to India after finish of their contracts every year with regards to NRE status. Some times they are unable to out side the country due to domestic reasons. and then they go back to work in the next financial year
In those condition, its fine to maintain NRE.... but such intervening period of being in India cannot be prolonged to a point where such stay could not be substantiated to prove that you always had intention to go back to work...
In Kerala State 70 million people do not pay income Tax. what you can do. Income tax is efficient or in efficient.
Do you know that these 70 million people generated income from outside India and they have deposited the money to India. I hope you understand this. This is the reason - not that they were making money in India and not paying. Do you know that NRI TDS is 33% unlike a resident. Please do read before commenting.
Sir
I am a non resident Indian. I am given a Platinum debit card by my bank.
Can I draw my pension credit using the platinum debit card
yes
Can a PIO holder buy an asset (movable or immovable) in India by directly transferring funds from overseas account without going thro NRE/NRO accounts Indai?
Why RNOR status was not discussed?
All residents should pay their taxes due in their countries not fiddle its a burden on the rest of the law abiding citizens nirav modi mallya
Indian Us citizen comes to India and by OCI and stay for 2 years in India . Whether to close the NRE account .
May be, its subjective and decision to close or re-designate non-resident accounts would depend on facts & circumstances...
Well explained about NRI & Resident status, but I request to explain about the intermediate stage of RONR Status and applicable FEMA and Incometax provisions on NRE/NRO Accounts and taxation provisions. Thank you.
Very well communicated..Thank you .
Sir, where is your office and what's the contact number please. Thanks
Contact via WhatsApp message number shown on the screen
Dear Sir. Thanks for your reply which is much appreciated. To be honest, an Indian should not even have an NRE account. It may earn interest in India but this interest is taxable in the country where one is living ( I mean abroad ). Transferring NRE funds abroad is a big headache. I have been through it 7/8 times and I know how it feels. I regret opening NRE accounts.NRO account is a better option tax is deducted at source and is refundable if one qualifies for it. Of course, IT return has to be filed by a CA ( fee will be charged )and it takes months to get the refund. Opening NRE and NRO accounts may be easy for some but I shall not recommend them.As for sharing knowledge I think you are very well suited for that job. I am just a laymen and my experience has not been a pleasant one. …….Kind regards
Agree with you 200%. You never come out ahead with declining exchange rate and the tax filing and other paper work. Not worth it.
Great ! How can one contact your office for issues related to PIO/ OCI resident in India.
Thank you NRI Money Clinic for inside view .Om Sai Ram.
Very well explained.. thanks
180 days allowed maximum....
Good Day,
I have a NRO a/c in SBI Mumbai and wish to close and retrieve my funds. Would you help in this matter? I live in Canada.
If a person has returned back on settling permanently in India and expecting to receive some funds at a later stage which is due to him out of his employment Overseas, he must maintain his account and cancel it. Will the system prevent?
what will be penalty if NRE not get closed for 1 year?how to get out of it if we missed to closed it
convert it to resident ASAP and if a enquiry notice is issued at that time take necessary action of technically responding to such notices and substantiating your position to get out of penalty... there is no minimum penalty as such, & such penalty may run upto 300% of amount involved...
SIR, CAN AN OCI HOLDER NOW PERMANENTLY RESIDING IN INDIA INVEST IN NATIONAL SAVINGS CERTIFICATE POSTAL SCHEME?
Points explained very simple language. Very helpful.
Discuss clearly how about NRI stuck in homeland due to special unprecedented circumstances such COVID pandemic...what is the consider because this is a forced situation not a regular or normal condition.
That will not affect your NRE accounts .
@@NRIMoneyClinic thanks... because we didn't came here in a intention for permanent return and also our job is still there in abroad and our slary is dispersed every month there and we have salary slip from school for evey month.
Thanks for your valuable informations. I have questions , After returing permanently, If NRE FD is for more years, bank will break it and renew it, from the new date. In this case person may suffer loss. Second question, there is few years that NRE intrest money will not be taxed (please correct me, before this period was 9 years and now it is 2 years.) This need to be elaborated. / clarified.
Donot repeat cA words
Wow - another fantastic video. Many accolades to CA Sriram's loads of knowledge on taxation and confidence during his explanation. The video is mainly focused on NRI's returning to India and still maintaining NRE accounts which somehow results in evading the tax. How about Resident Indian converted to NRI but still maintaining all his Resident Fixed deposits & sending money from Foreign to Resident Indian account, If he is filing the tax every year correctly - what would be the consequences? During filing the tax, will there be any queries or rejections by Income tax department? Also If the resident Indian who recently became NRI has multiple Resident accounts in India but he has only converted his one main account frequently used by him to NRO and NRE account. will there be any issues to continue maintaining less frequently used Resident accounts without the conversion? When does the actual issue by the various departments will be raised (Is it during Income tax filing?). What are the consequences in all these scenarios as per the Indian law?
We will do a separate video on this issue It is a major issue .
Thanks for suggesting the topic
Hi Phani,did you get an answer for your above question?
I am also waiting for the above reply or video
Very nice knowledgeable discussion and also easy to understand as well.
what about OCI
Sir, can you please tell me: - 182 days in a year stay - is it a financial year?
YES...
What happens to NRE accounts when NRI takes citizenship of another country and gets OCI card?
No changes… it will remain as NRE
@@sriramrao2514 Thanks.
RBI seriously need to revise those outdated rules attached to bank accounts operation. Unfair banking charges too
These rules are made because of some reasons..especially to prevent money laundering and black money prevention.
Your videos are so much informative. Please also advise on the following:
A person worked and retired in India, was receiving pension in a resident account. After retirement, went to UK and continue to live and as a result has become NRI.
But still maintains resident account for credting pension.
My question is can a NRI hold a res. account also for the purpose of receiving pension.
No , you should not hold Resident account as a NRI . Convert Resident account to NRO account and give that account number for crediting your pension
@@NRIMoneyClinic Thank you, sir. I will do, sir.
Hai Sir:Can you forward your email I’d.Have some specific issues to be discussed.
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Very knowledgeable video .
how can I consult with Mr Sriram Rao? thanks
Write him an email . His email ID is mentioned in the video
Irrespective of whatever the reason to overstay more than 180 days one should close the account. It is mandatory. Only it is not taken seriously by IT.
Very good video although I watched this about three months after it's release !! Can you kindly shed some lights on the status of bank accounts by RNOR. Once became a RNOR, should he change both NRO and NRE to RFC (assuming FCNR will be maintained till maturity and then transfer the proceeds to RFC upon maturity, etc..). I couldn't find detailed info on RFC in any bank sites. A few questions that may be applicable to RNOR: 1) whether RFC has savings or current account 2) whether RFC has FDs and whether interest from these FDs are taxable 3) as soon as I open RFC, all my NRE/NRO accounts' proceeds will be immediately transferred to RFC?..ADvance thanks for your reply..
Hello sir, What is the difference between RDA and MTSS remittance systems?
Does using platforms like Transfer Wise to remitt money into NRE accounts come under MTSS?
Sir
Can you confirm, ICICI bank has stopped all operation with SAUDI ARABIAN banks. I have NRI account in that bank, can I close that account even being an NRI
Hello Chandrakant Ji. Thanks a lot for your informative videos. Would be great if you could clarify below.
1. It was said that FCNR deposits can be continued until maturity. If so, does the interest from such FDs also become taxable? Can NRE deposits also be continued until maturity? Why not, since we are ready to pay the applicable taxes until the deposit matures. Thanks.
Interest on FCNR deposits will be exempt in the hands of a person who is non resident (NR) or Not Ordinarily Resident (RNOR) as per Income Tax Act. If he becomes Ordinarily Resident, then interest from FCNR will be taxable. Unlike FCNR deposits, NRE deposits can not be continued till maturity. It needs to be closed. Payment of taxes is a remedy under Income Tax only. If NRE deposits are still maintained even on becoming Resident under FEMA, it would be violation of FEMA and will attract penalty in the form of compounding fees..
NRO and NRE accounts can be maintained in the form of term deposits also. When a NRI returns to India and becomes a resident, such term deposits need not be converted into resident accounts until maturity. Forcing them to close such term deposits before maturity date will entail loss of interest to the depositor. The same way FCNR deposits can be continued till maturity date, NRO and NRE term deposits also can be maintained till maturity date.
Of course, the interest earned on these deposits, while being a resident, will be taxed in terms of rules applicable to Residents.
I have a ?, I had paid for housing loan in my parents name thru my NRI account and finished. Now from that house coming rental money , which spent by my parents.In this situation I have to submit the Income tax returns or not need.Also I have sent money for family expencess more than 2.5 lac INR, must be file a Income tax.Same way I ha paid for car loan in my mother in law name, is it to file a Income tax?
i m recieving Irs 22k monthly rent from my flat in my NRO Account.I m still NRI .i want to utilise that income to buy some stock to import in dubai .i m worried about the law .can i pay to my supplier in small amouts like less then 49k par trascations every day .pls guide me .
Banker will have to update KYC and update of details will tell the Change of Status. Ther one can get caught.
An Indian traveling outside the Country international having a Credit Card. Always overcharged or declined and do not work properly. Indian Credit Card system issued by SBI or other private Banks are still in efficient. and poorly managed. Are we still developed country or Digital india or third world country.
Thank you Bhat and Shriram Sir for providing valuable information. You both are doing great service. 🙏