19 March 2018
that an NRI proprietor can hold current account in bank in India of Indian Proprietorship firm? that mean can continue open this current account after changing his status of resident ?
Guest
Guest
(Expert)
19 March 2018
On becoming NRI, he has to convert his accounts to NRO status with the bank.
19 March 2018
Yes. RBI rules require that upon becoming a non resident, the non resident should convert his resident accounts (SB/CD/TD) etc in to NRO category.
20 March 2018
that the bank current account is proprietorship firm bank account not in name of individual so in that case he have to change his firm account if proprietor resident change ??
21 March 2018
and investment made in proprietorship firm by proprietor who was resident of India but later his status of resident change and come under definition of NRI of FEMA then provision of FEMA for investment made by NRI in Proprietary shall be apply?