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

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[@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?

[@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.

[@Watchhbx]

Your healthy information to all NRI Residents is outstanding

[@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.

[@dilipipatel8541]

Very important information. Thank you,Sir.

[@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.

[@yuyutsu7618]

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

[@ravireddy7992]

Very useful information.. Thanks for sharing. I request more information about LRS and transfer of funds from India to a bank account held abroad.. much appreciated

[@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.

[@NileshPatel-un7zo]

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

[@vidyarao7930]

Thank you for giving these information. God bless you.

[@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

[@anilprasanna]

Excellent video. Sharing it with all my friends.

[@venkataraodevraju367]

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

[@jayabalramasamy4136]

Useful information

[@potnisabhay1]

Excellent discussions. Very useful

[@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.

[@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 ??

[@mcmaltaeurope4777]

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

[@satyajeetkumar1819]

Very informative and useful. Thanks

[@vinodmittal3303]

good information sir, thanks

[@sureshsomaiya5742]

Really very helpful & clearing various provisions

[@newday-hz8ox]

Usefull information,👏👏

[@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.

[@parthtool]

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

[@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

[@velbond007]

Great information. Thanks

[@venkatrajeshwar290]

Very eye opening 🙏

[@saravananvelu2664]

Very useful. Thanks 🙏

[@deepakykamble]

Gr8 info..thanks a lot

[@naragowda145]

Thx for the valuable information

[@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😣

[@karmveershekhawat8477]

Very useful information 🌸

[@sagarsriva]

Sir, thanks for your amazing videos

[@manaoharsam4211]

Good information.

[@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.

[@Hello-healthiswealth]

Excellent topic

[@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.

[@rajibkumarghosh2034]

Great effort

[@rajvemuri6061]

thank you sir, for the information, Are there any restrictions below scenario ? - Transferring funds USD to NRO account - From NRO account to parents account to have property on parents names - From my savings account can I transfer funds to NRO.

[@dr.sssaini7718]

Highly informative

[@NRIMoneyClinic]

Thank you so much for your kind words

[@maritube123]

Thanks a lot for very informative presentation. What should be done to investments made in equities and MFs in Residence India Status . Can NRI can hold it or close down all portfolios?

[@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?

[@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?

[@deepaknirmal40]

@DHANUSH BOLAR Thanks you for very informative video. I have lend money to non blood relative. As you said it's not allowed for NRI, Is it advisable to get back these amount via my blood relative (e.g. My non blood relative transfer the money to my parents and then my parents transfer it to my NRO). Please advice.

[@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

[@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

[@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?

[@draseemgarg]

I really like your videos. My question is can NRI or foreign citizen with OCI hold multiple NRE/NRO accounts in India?

[@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.

[@dulatrivedi5597]

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

[@gopalakrishnakameswararaoa4721]

Good to hear NRI Fema regulations

[@InfotainmentVidyarthi]

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

[@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.

[@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.

[@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?

[@jbsojitra3088]

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

[@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

[@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

[@virugandhi7897]

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

[@mohammadasad3089]

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

[@chandramouliramachandran4217]

If one is an OCI but staying in India for most part of a particular year, should he change his normal bank account to NRO or NRE account or he can continue his normal bank account?

[@lijukoommen476]

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

[@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?

[@yadukrishnan9209]

Very nice video. I have multiple bank accounts. Only one bank responded to my request for conversion. Others are asking to come in person to convert. Do what to do current situation that the travel to India is not planned due to covid?

[@dhanushbolar7751]

Yes I agree, kindly avoid transaction from that resident savings bank account. Convert this account to NRO account when you are back to India.

[@anilkumar-wk8vm]

Can an existing sip can be shifted from savings bank account to a new NRE account... If its NRO repatriation is difficult if its very big amount.. The existing sip can it be transferred or remandated to a NRE account for repatriation benefits

[@varunnagpal8280]

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

[@dntravelandfood]

For relative definition you mentioned about parents brother sister etc. Does this include in laws also like parent in laws brother in laws sister in laws

[@vimalav5486]

If a person has a joint savings account with a resident which was opened before he became an NRI, should he close that savings account to comply with fema.?

[@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.

[@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.

[@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

[@manishksingha1987]

I am an NRI. My father is resident indian having savings acc in India. Can I remit foreign currency to INR (say AUD to INR) to my father's acc as family maintenance? Will it have any implication to my father from FEMA perspective?

[@Magenfernandes]

My uncle has retired last year and not changed given up nre account as he was I’ll with covid , how to avoid any problems while changing the account now , can we inform the bank from our end or will it be looked over as a genuine cause

[@hadipatel5344]

Hii Nice Video Sir My question is if I transfer 5 crore from my NRE account to Abroad in my bank account then I have to file 15 CA CB or any permission I have to take from FEMA ?

[@prasannakumaredward8018]

very useful explanation bout FEMA. Iam a OCI living in Canada, I send money to many in India through SBI bank, Western union. My question is, I am retiring in Dec 2022. 20 years, after coming hear, I want to buy house in Banglore. can I able to transfer, about $400 K, to my NRE account. Thanks.

[@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.

[@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?

[@MrNavonildas]

Hello I have a query. Is it possible for an NRI to have two different trading trading accounts with different brokers. Example, a trading account with Zerodha which is liked to PIS of Axis bank and another trading account with HDFC securities which is linked to another PIS account of HDFC bank. Please let me know if this is possible.

[@venkataraodevraju367]

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

[@subramanianayalursreeraman3056]

What happens to the interest earned in India? Can it be deposited in a NRO account?

[@namdakunga]

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

[@grhprakash]

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

[@geetakaicker2815]

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

[@hotloverboy33]

What about joint NRI AC holders with resident Indian? Is that allowed or joint NRI AC holder needs to be converted to a Nominee? Thanks

[@prakashp266]

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

[@lucven8041]

I am a uk naturalised uk citizen with pan card which i applied a while ago with form 49a ( as i had adhaar card with indian adress) just realised i need to apply with 49aa as i am british citizen, do i need to change this and reapply again With right form ie 49aa?

[@chiragdudhat1504]

Sir, I have one question , what if I am NRI and my brother is resident there in India and we want to buy a property in a joint name? Then also the transaction should go through NRE or NRO account? Please guide.

[@krishnakishore7294]

I’m in same situation pls answer to this question

[@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

[@snehaghosh7711]

Sir I a question..I my currently in dependent visa in USA with my husband. I keep on traveling between India and USA. I m not working in USA and not a student. My visa is for 3 years. Am I a NRI according to FEMA? If so then every time I will travel between India and USA, I have to keep on changing my resident account to NRI and visa versa?

[@vinayaggarwal3680]

Hi sir Thanks for the nice and informative video. Please if you can also tell whether an NRI can hold savings account in post office. Also please tell whether it is OK to continue the already running Fixed deposits till maturity?

[@NRIMoneyClinic]

You cannot hold post office account . FD is fine

[@vinayaggarwal3680]

@@NRIMoneyClinic thanks alot for your prompt reply.

[@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.

[@jutovemi9932]

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

[@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.

[@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.

[@josephjohn3819]

Question: how about pension account of an NRI?

[@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??

[@pawankumarjha100]

Regarding DMAT account, is it legal to be continued. It was opened when resident and linked with Resident Savings account that time. What is law regarding this? Also, can we continue Resident savings account which is not operative even becoming NRI? Appreciate your reply.

[@dhanushbolar7751]

Securities in Demat account which was opened when you were a resident can be continued to be held by NRI. You need to Intimate Depository about change in residential status. The investment in securities (Demat Account) existing on date of becoming NRI will be characterized as non-repatriable investment.

[@dhanushbolar7751]

@Priyanshu Jha existing DMAT account can be linked to NRO account. You have to intimate your depository about change in residential status.