Nri - nro account

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

19 January 2014 Before leaving India and become NRI, one need to convert their saving bank account into NRO. The onus to change is on individual and not on bank.

Question is if the same is not converted by individual or converted later may be after becoming NRI say 10 years, then is there any panel provision under FEMA for individual or RBI Notification?

@VaibhavJ

@VaibhavJ (Expert)
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20 January 2014 Hi

No such penalty but you wont be able to remit money in SB a/c & amt remitted will be taxable.

Thanks

Querist : Anonymous

Querist : Anonymous (Querist)

20 January 2014 Thank you for reply.
But if such NRI has opened NRE Account and remit the amount through this account. Then is it taxable? (assuming having no NRO A/c,continue with the saving bank account)

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@VaibhavJ

@VaibhavJ (Expert)
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20 January 2014 No, not taxable.

Thx

Querist : Anonymous

Querist : Anonymous (Querist)

22 January 2014 As per your first reply, "amount remitted will be taxable" . But as the remittance is not permissible through saving bank account (as you mentioned in your first reply)
then through which it is remitted and how it is taxable??

Querist : Anonymous

Querist : Anonymous (Querist)