Vaibhav Pandey (1 Points)
17 April 2019I am an NRI living in Germany since beginning of 2017.
I had a resident DMAT account which was largly inactive till end of 2017.
Then I changed my bank account to NRO and started investing in shares.
recently I realized that my DMAT account type also need to be changed to NRO.
Is it a crime if I invested in resident DMAT account even after being an NRI?
What corrective action should I take?
G. Venkatesh
(Manager)
(309 Points)
Replied 18 April 2019
As such the FEMA act has such provisions but get it converted to NRO at earliest. Such mistakes are condoned, unless purposefully done.
CAclubindia
