Status of Bank Account on becoming NRI
My children are now living abroad for more than 1year and they have saving bank accounts in India jointly with me.What action to be taken to inform the bank ? Can I remit the amount and also invest their money in mutual funds,fixed deposits,etc. more
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Merely living abroad for one year does not attract the Status of NRI. One had to make the declaration to the effect. Pl. follow the procedure. 2.Reg. remittances of money and the Investments - There is NO BAR as on date. Moreover the Investment under NEW Indl. & FII policy is well come - perticularly in initiating New Business. Pl. observe the specified industries to the effect. more
Jul 08
yes u can provided u take into account the FCRA On Fri, Jul 1, 2016 at 2:45 AM, T D Bhatia wrote: > more
Jul 02
I was NRI for last 12 years. First of all I opened an NRE account (or you can open NRO account) and give mandate to bank for operation of the same account to anyone. So that NRI can send the money to NRE or NRO account and you can operate. For NRE account, money should come from abrode but it will be converted in to INR and it will be non-taxable. For NRO account is money should come from abrode but iit will be in the form of INR or Foreign currency and it is taxable. To open the NRI (NRE or NRO) account one needs to present evidence of abrode source of income & passport details. To maintain NRI status, one needs to be out of india for more than 182 days more
Jul 01
First of all, once some one becomes NRI in a financial year, he or she must inform the banks where accounts are being held and convert the same into NRO account. The money in all these accounts can not be repatriated without RBI approval. If your children had been NRI for more than a year, it is illegal to maintain resident account status in India. f course it depends upon who is the Primary holder. If the Primary holder has become NRI, then he must close that account or convert the same into NRO with the same joint holding. more
Jul 01
Sir joint account could be operated jointly. Convert the account in your name or open an account in your name closing the joint account. more
Jul 01
