01 August 2013
I have a NRE A/C but i have returned back to India 3 yrs back . I was not aware that i have to inform the bank once i returned. Now can i still maintain that A/C or have to cloce my A/C secondly what r the taxes appliclable to me n if any penalty i have to pay pls reply soon
02 August 2013
Thnx 4 ur quick response n i appreciate u U mean i can close my A/C now without any taxes or penalty n then after becoming a resident i have to pay taxes on my money
02 August 2013
Sorry i am not still getting u , I am getting interest on my A/C now so i have to pay taxes on that. n after becoming a resident i will continue to use my money in the same bank so shall i have to pay taxes from that time only
01 September 2013
When you returned to India you must have opened NRO A/c and thereafter that very account is converted into NRE a/c. If you do not have any plan to go back to the country from where you have returned to India then you should close this NRE a/c as you are not receiving any foreign remittances. Once you close you have to transfer the balance in regular account to keep the continuity of the bank balances.