FEMA LAW Violations Can Be Expensive For NRIs - A Must Watch Episode - CA DHANUSH BOLAR

[@nri_raj]

Fund transfers are allowed between: 1. Two NRE savings accounts. 2. NRE savings account to NRO savings account. 3. NRO savings account to Resident savings account. 4. NRO savings account to NRO savings account. 5. NRE account to Resident accounts. Fund transfers are NOT allowed between: 1. NRO savings account to NRE savings account. 2. Resident accounts to NRE savings accounts. 3. Funds transfer using IMPS facility from ICICI NRE Savings Account to non ICICI NRE Saving

[@redranger8324]

Sir Please kindly help me, I have a big doubt regarding FEMA law. I have a NRE and NRO from SBI and using it as salary account. I'm a going to sail for 6months for the very first time. I also have another educational loan linked savings account from IOB. Should I redesignate my IOB savings account too?

[@bishwambhar_sen]

I completely agree with the last few statements. A dossier should be given to the NRIs to let them know of the FEMA laws and dos and donts. Otherwise how on earth would a normal citizen come to know of the complex FEMA laws?

[@NileshPatelunzo]

As far as We all know , FEMA law is not known in the most of the NRI communities. So it’s useful video. Thanks

[@Watchhbx]

Your healthy information to all NRI Residents is outstanding

[@matzac1414]

I think it is the banks responsibility to make sure they do a background check before sanctioning the opening of a new account. I also think that Indian Immigration department should share certain section or information to the banking sector so whenever a person approach any local bank to open or operate an account or transaction the bank could also verify if the person is NRI or when the person entered India if more than 6 months or whatever the case may be.

[@yeskay9685]

Dr Chandrakant explains lucidly despite complicated statements by the guest- quite appreciate his earnest efforts 👍🏻✨

[@abhilashjain652]

Thanks for useful information Having share and there earning has to be in rupees old account

[@surendrabarsode8959]

Ideally please make video for different types of NRIs - like those who are (a) employed abroad and have only salary income (b) businessman (c) others. This will simplify the discussion and it will be focused discussion. Also, please deal with "normal" issues and discuss separately exceptional or unusual or illegal issues separately.

[@chawwndrakanthundre5911]

Cool with

[@vishal00724]

@@chawwndrakanthundre5911 Kya Kool with anti ji ??

[@Rk-m84]

Very informative video. Thank you. India should have simplified laws which a 18 year old can understand. But laws are made so complex that we give up even understanding. It’s now very needed to get professional help.

[@the_dreams_weaver]

yes very intelligent people have sit together and made the laws after allowing the corrupt to run away with black money.

[@dl8030]

There are a lot of Indian Citizens who are working as Laborers in Gulf Countries. When these people want to send money via Banks, the Govt will charge Higher Education Cess (which is a Tax), Surcharge etc. The Indian Banks gives them low exchange rate and earn profits. All these effects their (laborers) bottom line because they are working poor. On the other hand, if they choose Hawala Operators, they get better rates, no money deducted, cash handed at home (no bureaucracy). The Govt has hardly done anything to help these people, who work so hard, to support their families back home.

[@dadu251]

Government doesn't charge anything. Money can be transferred through exchange houses to the bank account at competitive rates. Havala and smuggling do give you benefit but they are illegal for a reason.

[@dl8030]

@@dadu251 There is GST charged by Govt on Currency Exchange as follows: Amount of currency exchanged Derived Value on which GST will be charged GST on derived Value ( for rate@ 18%* ) Up to INR 100,000 1% of gross amount exchanged From INR 100,001 to INR 10,00,000 - INR 1000 for Exchange amount of INR 1,00,000 plus 0.5% on remaining amount exchanged The Exchange Houses and Banks Charges hefty Commission and Fees. The Currency Exchange Rate differs from Institution to Institution. They are ready to rip off innocent workers. That why you can see Laborers shopping for rates from this place to that. Agree Hawala is illegal, but Govt and Ministry needs to do more.

[@dadu251]

@DL : Sorry, I was not aware of this or maybe me and you are on different frequencies. When I transfer money from UAE to India through bank or currency exchange, no GST is ever charged irrespective of the amount. However you are right, there's a service charge by exchange houses, which ranges from INR 200 to 400 per transaction. Also, the rates are lower than the hawala rate because of obvious reasons. Hawala is illegal as it's used for money laundering etc.

[@dl8030]

@@dadu251 I think you need to do some research and you will figure out that GST (Service Charge) on Currency Exchange is applied by Govt. Usually Exchange Houses in UAE hide this under Commission. Also I am curious to know which Currency Exchange in UAE charges you Rs 200 per transaction to send money to India, and what is their AED to INR Rate.

[@dadu251]

@DL Thanks for the information. Al Jazira Exchange at Hamdan Street in Abu Dhabi charge AED 10. Rates are competitive.

[@nikhiljaveri222]

Hello Sir this is a great knowledge and awareness session. It would be good if you can also provide details around investment in stock market and mutual funds and what is the position of fema law around it. Keep up the great work, thanks.

[@donivkmr]

Thank you Sir for bringing a video on FEMA. Awaiting its second part. May be the faculty can come a little more prepared about the questions.

[@bisuindia]

Sir, as I understood from your video that as soon as we can we should redesignate our resident account to NRO account. When applying for the same in SBI bank, it needs an application form to be filled in with supporting documents like resident id card for residence status, tax certificate with tax identification number, cancelled cheque from present bank. All these documents needs time to acquire. So, on the mere basis of VISA, work permit or employment contract, it is difficult for someone who is going out of India for employment purpose to redesignate the resident account to NRO, before leaving India. UBI and SBI do not accept self attested documents too. In these circumstances, how someone should proceed to avoid FEMA law breach and open NRO account.

[@dilipipatel8541]

Very important information. Thank you,Sir.

[@sunnysingh786]

Great video sir but you forgot to mention what the actual penalties are for violating the FEMA laws and regulations. For instance, I was mistakenly guided to open a resident account a couple years back and I am just learning now that it is a violation.

[@sureshsomaiya5742]

Really very helpful & clearing various provisions

[@believerone2001]

Please educate the local bank managers who didn't give much attention over the last many years.

[@aithalsujatha]

Very true! As most of us were unaware, at least the Banking industry should guide the people when they do thses types of blunders without full knowledge.

[@aithalsujatha]

Actually the Banking staff should guide the people when they indulge ignorantly such activities which are against FEMA law. Not sure like NRI/NRE communities, they are also unaware of this process😂

[@sureshdaniel1420]

You are absolutely right.

[@linpaws002]

Every law in India and are created for elites to know. Same with finance. Why could they not make common literate people with easy-to-understand terminologies know it so that they can avoid penalties or imprisonment. Hate these complexities & reliance on professionals who charge exorbitant fees for it😣

[@jayabalramasamy4136]

Useful information

[@vidyarao7930]

Thank you for giving these information. God bless you.

[@Vikarna7618]

Thank you for valuable information. I was completely unaware of it.

[@rohansivon]

I just realised I'm violating the FEMA Law.. However, it was unintentional from my part because neither my education system mentioned that there exists something like FEMA nor GOI handed out information when I traveled out of India. Banking system didn't ask me any questions when the money was remitted from abroad or there was any questions asked by the foreign exchange when I remitted the money. Whome to blame?

[@believerone2001]

The bank Managers themselves were not aware of FEMA. Please correct it now.

[@dhanushbolar7751]

I agree with this. Bankers are not aware of FEMA laws. Better to take necessary steps to close this savings bank account and open NRO/NRE account in India.

[@Mousudha]

So how did you rectify it? Did you open a NRO account?

[@SS-ff3tx]

Very true, myself was in ignorance until this far. The moment I realised that I need to convert my resident SB account to NRO, I approached banks for the changes. I hope I am not too late because i was completely unaware of this process

[@venkataraodevraju367]

thank you sir, Independence day wishes to you from papua new guunea

[@retardharma]

Borrowing and Lending ---> So to summarize, Although the money is hard earned by You, in actual sense, it still belongs to the government and law makers ! Maybe before becoming an NRI, one should take a break, learn and understand the FEMA law for a couple of years.

[@vinayakkumthekar4102]

Very nice and informative discussion videos by your channel NRI Clinic. Helpful to NRI community. Requested to make one separate video exclusively on Panelty clause and slabs for the violation of FEMA LAW specially related to Bank accounts and Incomes from India.

[@NRIMoneyClinic]

This video will definitely be published . Its on our to do list

[@vinayakkumthekar4102]

@@NRIMoneyClinic Thank you.

[@Pavitracreations]

@@NRIMoneyClinic is this video published?

[@MC-MALTA]

Congratulations 👏 I Welcome you from Beautiful Island 🏝 of Malta 🇲🇹 Europe 🇪🇺 ❤

[@potnisabhay1]

Excellent discussions. Very useful

[@jayantdixit8940]

Due to COVID I am held up for last 2 years in Australia . I am a super senior (+i80) having FD and saving Bank A/C Having PR status. Returning as soon as Flights open

[@navlogs773]

I have a resident account with a prominent bank. While moving abroad, I submitted the documents to convert it to NRO and it was not converted even today. Moreover, the bank official saying it is OK to maintain it 😑. Before the NRIs, bank officials in India need FEMA education.

[@dhanushbolar7751]

I agree. Bankers has to be educated about the FEMA implication.

[@dhanikerai7055]

Agree. I spoke to my bank about resident account and the bank said nothing can be done until i return to india.

[@manishksingha1987]

Same for me. It's the other way round. I tries to close my NRE acc after coming back to India. I had an NRE FD ongoing and my banker simply asked me to wait till FD matures. This is clearly violating the FEMA law which even banker is not aware or intentionally doing so

[@mohammadasad3089]

If there's joint accounts one of them is NRI and one of them is residents may keep the accounts active and permissible

[@satyajeetkumar1819]

Very informative and useful. Thanks

[@vinodmittal3303]

good information sir, thanks

[@rajendrakumargandhi6488]

I have been an NRI for about 60 or so years. I will soon become a resident (OCI) Indian. I understand that I will have to convert my NRE & NRO joint accounts with my wife, who is an Indian citizen, to local joint accounts. We wish to buy one more property besides the one I already have as a gift from my parents. Can I do so jointly with my wife from the local account?

[@TheAkashchitnis]

Thank you for making this video. Great to get the facts from a professional. Very nice interaction and easy to understand content!

[@dcostarichard]

Wonderful video. Very informative. Thank you sir

[@ramadasacharya9419]

Question: I am a US Citizen & OCI had NRE & NRO account from 14 years ago. In the meantime I Indian company hired me as an employee on a contract and then I had to live in India and open resident account. I earned from your show it is not legal to hold NRE?NRO accounts. Where can I find out how to do it and pay the taxes on interest received still sitting in the account?

[@newday-hz8ox]

Usefull information,👏👏

[@mangaldesai5506]

1) What about a Married Woman who has had a old S B Account in Maiden Name & Continued in the same name by her parents even after she gets her Citizeship of another country ? Please Remember, She's Not Contributing but Parents are saving in her S B Account. Please guide.

[@anilprasanna]

Excellent video. Sharing it with all my friends.

[@venkatrajeshwar290]

Very eye opening 🙏

[@sagarsriva]

Sir, thanks for your amazing videos

[@gopalakrishnakameswararaoa4721]

Good to hear NRI Fema regulations

[@velbond007]

Great information. Thanks

[@naragowda145]

Thx for the valuable information

[@praveen-hu4pt]

Sir now a days all banks in India are fully digital right, but why they are allowing These type of transactions all this against fema law. They can make their software upgrade right to stop violation of FEMA. As banks are having completel knowledge all the laws.

[@dulatrivedi5597]

Most of the time bank employees are not educated on topic or they are negligent about performing their duties.

[@rajibkumarghosh2034]

Great effort

[@lijukoommen476]

What about MFs that partly purchased while resident and partly purchased while on abroad under same residential demat account...

[@straightpath8356]

Sir please use graphics to make notes in the video which will be easier for viewers to grasp the points. Otherwise viewers will get confused

[@Hello-healthiswealth]

Excellent topic

[@deepakykamble]

Gr8 info..thanks a lot

[@saravananvelu2664]

Very useful. Thanks 🙏

[@surendrabarsode8959]

Good useful discussion. However some questions are - 1. what is the penalty for not having NRO account? 2. What if there is never any transfer of funds from NRE to normal resident account of the same person? 3. Resident account cannot be closed for many the reasons like it is in joint names of wife who is resident, or it is linked for payment for utilities etc. what is the the way out? Violation of FEMA is fine but what are the exemptions or extenuating circumstances?

[@dhanushbolar7751]

1. Contravention of FEMA subject to penalty which is upto 300% of amount involved in the contravention. Transaction involving transfer of funds from NRE to normal resident savings account will be liable to a penalty upto 300% of sum involved. 2. You cannot continue to hold resident savings bank account for any reason even if there is no transaction between between NRE account and resident savings bank account. Resident account has to be closed. 3. You can use NRE account for domestic payment if you are not having any income earning activity in India.

[@myutubes0]

Convert your Resident to NRO account and use it for payment of utilities. Even the account number may remain the same in private banks. I don’t think NRI can have a joint account with a Resident, even if it is your spouse or parent or child. You will have to close the joint account.

[@lonelyforever6912]

Sir I worked in Sri Lanka for some years I had a local account there (,dollar account) with HSBC bank where my salary used to come in USD.. that salary I used to transfer to my HSBC India resident saving account. I never opened an NRE or NRO account.. is this FEMA violation if yes what is the penalty or the punishment?

[@DarshanSingh-oh6sm]

FEMA Laws Violations are attracted for NRIs . Further treating one as Resident or NRI is differentiated with thin line of Intentions of Living period outside of India or in India. So it should be simplified same as in Tax laws.

[@redranger8324]

Sir Please kindly help me, I have a big doubt regarding FEMA law. I have a NRE and NRO from SBI and using it as salary account. I'm a going to sail for 6months for the very first time. I also have another educational loan linked savings account from IOB. Should I redesignate my IOB savings account too?

[@virugandhi7897]

Sir, nri land money to relatives from nro account? Please give complete details of nro account operation.

[@anupsinha3664]

Minimum amount on which female law applies,. Even amount Rs 30 or 40 thousand attracts female law

[@ramasatyanarayan9887]

Before going abroad and becoming an NRI, if he had invested in LIC policy, PPF account , Post office KVP, residential land in a city, is it necessary for that particular NRI to close these and how he should deal with this matter.

[@karmveershekhawat8477]

Very useful information 🌸

[@premtrivedi9068]

My resident account cannot be converted to NRI until I visit India. What can I do in this case to avoid penalties? I have a SIP debit going on and trading in stock market too

[@namdakunga]

I got ssn number and PR card also can I go for my Indian account to convert it in nre account

[@thoughty42]

I am an NRI. I have an NRE and NRO Accounts in India. I want to remit funds (50,000 USD) from my NRE Account to a Company Account overseas for some investment purpose. When I approached my AD Bank , they said you cannot transfer funds from your NRE Account to anyone else other than yourself account overseas. But as far as i know funds of NRE are fully repatriable to anywhere outside India. I tried looking after Master Circular for directions of RBI in this matter but couldn't find anything specific regarding this. Can you please let me know the correct regulation in this matter and if possible some reference to circular or document in this regard.

[@ishgho]

I have a NRO account in India; under what circumstances can it become dormant? Or what do I need to do to keep it active?

[@josephjohn3819]

Question: how about pension account of an NRI?

[@Sandeep-pv1kg]

I don't understand.....I think funds can be transferred from NRE ACCOUNT TO NRO, and any others resident account,,but not vice versa!!!!

[@harisankar6266]

The best way is to keep money in foregin bank.

[@ieflobo]

That's possible only if an nri is working on land I presume. Are there banks for seafarers to open account overseas?

[@geetakaicker2815]

Can I give money from my NRO account to a resident accountof my brother

[@skumar1959]

Would like to know the exact diff between NRE & NRO

[@yadukrishnan9209]

Also, even the bankers are not fully aware. For example, before I moved out of India, I went to my bank asking for conversion. But they said that it's not possible to convert even though I had visa/work contract/foreign apartment rental agreement. Is this correct?

[@dhanushbolar7751]

Some banks insist for account holder's physical presence in India to convert resident savings bank account to NRO account.

[@varunnagpal8280]

I never bothered converting savings bank account to NRO account. How to fix this ?

[@saravanarangarajan7523]

My wife is a homemaker and she stays with me in Dubai. Does she has to close Resident account. She is not working here

[@dhanushbolar7751]

Yes, she will be considered as person resident outside India as per FEMA. She has to designate her resident account to NRO account.

[@sreeprakashedathilmadathil9413]

Sir it is really an informative session. I would like to know if it is possible to settle in India for transactions between two NRIs outside india, a) by transferring between their NRE accounts in India b) by transferring between their NRO accounts in India. Also, another question, is it allowed for a NRI and resident of India to open a joint resident account in India

[@cyinveai9730]

What about joint account with my mother who is a resident ? My mom uses this account primarily for her needs. But she is old and thus I am on the account to ensure any digital management / speaking with bank when needed is handled by me.

[@udayakumar26]

What are the options for bringing back the money earned in foreign country. What are laws regarding the same?

[@dhanushbolar7751]

Could you please tell about the present residential status of the account holder, nature of income earned outside India and whether the investment made when you are person resident in India or outside India?

[@udayakumar26]

@@dhanushbolar7751 question is for the person living and working in USA on H1B visa and income earned through employment

[@dhanushbolar7751]

@@udayakumar26 As per FEMA, you can remit the money to your NRE account.

[@InfotainmentVidyarthi]

Can we lend this video to our friends under FEMA law ?

[@grhprakash]

Please explain if an applicant in a joint account becomes NRI how to go about it?

[@JT_India]

If a brother sends monthly money to his brother in India out of his personal savings in USA and that help exceeds Ra. 10 lakhs per year , even when all transactions are through bank transfers, where the recipient brother receives the money in his bank account in rupees, is it still a crime ?

[@believerone2001]

Even the reserve bank governors were in dark about this NRO which was not in existence not long ago. Forget, open an NRO account now. A local manager will nod it now indirectly

[@prakashp266]

Hello sir,,,. What are the rules and regulations for loan taking from NRI... Do loan taken from NRI,,, is taxable income in India...

[@venkataraodevraju367]

Indian high commissions should educate the NRIs living in respective countries.

[@kokilapatel6530]

Regarding property inherited by NRI, what is the process for the family members when the head dies. Can you please go through the details what documents are required to have name tranfered to family members like wife, son, daughter.

[@believerone2001]

Keep OCI documents and a will.

[@SAM-jf2yr]

Why you did not mentioned in this video, as I read in your another video in comments section, i.e. NRI can maintain residential joint saving account, with close relative such as wife, father, mother...as a second account holder but yes he can't remit any kind of amount from abroad in that account.

[@jbsojitra3088]

Very good video.can you guide on saving bank account by student studying abroad for using international debit

[@hitarth18]

What happens when a NRI (OCI Holder) has a joint account with Parents who are resident Indian?

[@dhanushbolar7751]

NRI/OCI can be a second account holder.

[@rrdkirori]

I am repaying home loan and over draft to two banks thru my SB a/cs. Why such a/c should be closed. I have sent many times from NRE to these two a/c. I am not a rich man. My Govt pension comes in third SB a/c of third Bank . I pay utilities bills of my India residence from resident sb a/c. I have no business, no FD, no shares. can these SB a/cs converted in NRO. How many NRO sb can be held .

[@NRIMoneyClinic]

You can convert your SB account into a NRO account. You can receive the pension in NRO account . You can have any number of NRO accounts

[@rrdkirori]

Thank you very much for promotion reply Sir, If I live or work intermittently in India, say 8 months as NRI 4 months as Resident. Will my. old Indian SB a/cs keep switching NRO to Resident, again NRO??

[@rrdkirori]

Kindly read prompt (not promotion)

[@NRIMoneyClinic]

There is a video on our channel by name When should you close NRE and NRO account . Please watch and be guided

[@vkysharma10]

What if someone always transfer his foreign money to spouse NRE account and then transfer some money into his SBA from his spouse NRE account? Provided that individual never holds a NRE account but continue to invest in existing mutual funds and govt. scheme through his SBA, will that be a problem?

[@vinayk9712]

Indian banks fleece their customer when it come to retail FX transaction. The govt should intervene if it expects all FX transactions to go through banking channels. The governments motto seems to be to tax the middle classes to death to give freebies to the rest.

[@bhaskarbabubidarkere7267]

i think NRIs can invest in Chit funds on non repatriation basis.

[@shekhar102]

Can NRIs transfer money from NRE or NRO account to an resident savings account of immediate relative (example parents) in another bank where the NRI himself is second holder in that account, but he does not operate or exercise any control? Can NRI can loan money to a third party or business from NRO account? Thanks for your answers.

[@dhanushbolar7751]

1. Yes, you can transfer fund from NRE/NRO account to resident savings account in which you are a second holder. 2. a) This would depend on whether you are a NRI or OCI card holder. As per FEMA, a resident can borrow from NRI or relative who are the OCI card holder. The borrower should ensure that the fund is not utilised in the business of chit fund, investment in capital market. agricultural/plantation activity, real estate (mere purchase & sell and leasing), trading in transferable development rights. b) This can be answered after knowing about type of entity (proprietorship, firm, LLP, Company etc) and nature of business involved.

[@avinandannan348]

If I am an NRI and I do have bank loan related savings and loan account should that saving account be changed to NRE? Will it cause any issue on the auto disbursements of the EMI from saving to loan account?

[@mathewpaily8463]

More than 95% of NRIs may not know the FEMA laws. Only Chartered Accounts , may be 75-80 percent maximum , may know the laws & interpretations . In such case where will they go ? Most of the Bank officials either do not know or deliberately they don't tell due to pressure from top to get deposits. It is like our lawyers, no lawyer will tell if client approach them that ,my friend you are at fault & even if I take this , you may not win ! Whether they win or not lawyer will get the fees so he encourage the client to go to court and will win, make him to go up to Supreme court untill the client reach Bankrupt. When it come to investment in construction activity , not in buying & selling , in construction activity there is a buying & selling involved. They buy land ,make buildig, sell the building to few people with undivided land. There there is buing & selling involved .can this be used against poor NRIs exempting the high fly NRIs or against political opponents ? Is this left as a hole in evry loop make ?

[@harshadgadamale1780]

Suicide is the only option will remains in this situation . Should be monitor by govt. & bank to avoid by violation of FEMA law. Also its should be banks responsibility to make aware to client about the rules & regulation. Bank representative never tells about this laws or procedure about the same. They always wants to just open the account to get there commission. penalty should be impose to bank also for not making aware or tracking the account activity.

[@venkatasatyanaraynasanapal1225]

What happens if savings Bank account for pension from the Government is continued, because pension account already opened can not be converted into NRO Account. Please clarify.

[@dayaluiyengar6531]

I’m in U.S .A for last 5 months with Green Card. Any deadline to change my S B account to NRO account?

[@redranger8324]

Sir Please kindly help me, I have a big doubt regarding FEMA law. I have a NRE and NRO from SBI and using it as salary account. I'm a going to sail for 6months for the very first time. I also have another educational loan linked savings account from IOB. Should I redesignate my IOB savings account too?

[@sdesai-venyagifts4217]

is there a place on Indian tax website about these rules? Its not fair to be telling NRIs that you are breaking the FEMA law when they are not even aware of what FEMA law means in the first place.

[@NRIMoneyClinic]

Please do a Google search for FEMA law and you will find official sites which has all minute information about it

[@manirajjhacky]

Hi sir, channel is such a great place for NRI's ... thanks for this service 🙏 I tell openly this that, am a "xx" bank customer.... If I want to hold the account as NRI, they ask me to maintain min bal like ( 2Lac).... so I didn't acknowledge and didn't transfer any amt to that acc. My que is, can I close the acc or can I maintain the acc without active transactions ?? your ans makes me to do good decisions!!! Again say, you service is awesome 🙏

[@dhanushbolar7751]

Can you please tell whether it is NRO account, NRE account or resident savings bank account?

[@manirajjhacky]

@@dhanushbolar7751 it’s a saving account still. If I want to convert to NRO or NRE, they ask to maintain min balance 2laks

[@dhanushbolar7751]

@@manirajjhacky You cannot continue to hold resident bank account. Kindly close this account. Requirement of minimum balance may vary with different banks.

[@manirajjhacky]

@@dhanushbolar7751 sure, thanks 🙏

[@MmurariMmohan]

As an NRI....can keep PPF along with my savings account which was opened when was resident

[@dhanushbolar7751]

1. An NRI can continue to operate PPF account which was opened when he was resident and continue to invest further till the time it matures . After maturity account cannot be renewed. 2. You cannot continue to hold resident saving bank account. It should be designated as NRO account.

[@jutovemi9932]

Hello NRIs can hold a residential joint account with family member. That's what Bank informed. is it correct according to FEMA law ?

[@deeptipandey001]

Sir if my father in law transfers 4000000(40 lakhs ) to his younger son residing in Sweden then it will be taxable in Sweden??

[@rajeshm7504]

I have a question for you. NRI get settled down with their wife and children. 1. They too have NRI statis?? Majority of them are Hosewifes. They don't work?? 2. Most of them will be operating their SB Account. Is it violation of FEMA??

[@pankajsingla3493]

Sir can you explain it...It is illegal to trade. The RBI cautions the public not to undertake forex transactions on unauthorized ETPs or remit/deposit money for such unauthorized transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the Fema or on ETPs not authorized by the RBI shall render themselves liable for penal action under the FEma. Is there is penalty or prosecution for transfer the amount to trading app like octafx, quotex? even if they have indian bank transfers enabled?