WHEN SHOULD NRI'S CLOSE NRE-NRO-FCNR ACCOUNTS- By CA Sriram Rao

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[@debasisghosh4105]

Thanks a lot for the information. Can we ge the same type of information regarding Demat accounts pertaining to a NRI who is coming back to India permanently.?

[@jigarshukla]

Very informative. Can you please make a video on how an NRI can submit Tax return online?

[@rajapamarthi2423]

Love this channel for its simplicity and being straight to the point. As the tagline ways "No hype. Just the right advise". Bhat sir asks the right questions too. Thanks to CA Sriram. 👍🏼

[@chandan1479]

Thanks for this wonderful video. I see unfair ruling by RBI and here is why I feel so. Before I became an NRI, I opened fixed deposit accounts, interest were taxed. Over a period of time (many years) the FD has renewed few times and during these many years my residential status has changed to NRI. Now these FDs should be considered NRE and hence should be exempted from the income tax. My request is based on the same logic(RBI) where NRE FDs are getting taxed upon we returning back to India and loosing NRE status. Nutshell- IF loosing NRE status allows indian gov to tax NRE FDs THEN gaining NRE status should exempt previously opened FDs from the income tax.

[@SureshKumar-lx3sy]

Your understanding is wrong. FD opened when you were NOT an NRI will remain as it is. NRE FD can be opened only with the money earned from OUTSIDE India. By your logic a person with 10 Crore fund moves to Dubai and start a pan shop there, all his money will become NRE and interest earned will be tax free. He may be getting 50 to 60 lakhs per year interest and normal tax will be 15 to 20 lakhs. By your logic he can save the tax and spending half of it can live in Dubai.

[@georgeparanilam4614]

What about a US citizen of Indian origin on OCI, retired, living on US penson, comes to India to try to live here for a long time, not sure for how long, children and grand children and all siblings living in USA, what should this person do about closing NRE account?

[@sriramrao2514]

If the period of stay is short then he can maintain NRE accounts... if the period of stay is long and indefinite, then better to close NRE accounts as he would be an Person Resident in India...

[@bhaumin]

@@sriramrao2514 For NRIs that are US Citizens, they are always considered tax residents of USA wherever in the world they reside and for however long. So when you try to open a resident bank account in India with any bank in India, you are not allowed to open a resident bank account if you are a tax resident of any country other than India. Same happens for opening resident demat account in India. There is a lot confusion in the actual implementation of this resident/non-resident status esp. as it applies to US Citizens with OCI card who are residing in India. You are saying one thing, but the big banks (HDFC, ICICI, Axis, etc) treat this differently, and they explicitly disallow resident bank/demat accounts to NRIs with US Citizenship.

[@sriramrao2514]

@@bhaumin I agree that there are lot of misconception around this even with bankers… FYI- opening, maintaining and closing of any kind of bank accounts are governed by FEMA regulations and not Income Tax Act… practically I have seen that even bankers are getting confused about this as then take into account residential status as per Income Tax Act rather than FEMA which is not correct way of handling things in India… It is correct that once a person becomes US Citizen, he becomes Tax resident of US, it this a provision as per US laws and it is also possible that a person being IS Citizen becomes a tax resident of India as per Income Tax act also… this position is called as Dual-residency and to solve this there are tie-breaker rules in article 4 of India-US DTAA

[@555kkraju]

Deeply appreciate this wonderful and informative content. The FY 2020 21, I am sure, Govt will be will be considerate to the NRIs who returned for short duration but couldn't perform their journey back due to Covid restrictions on international flights / Expiration of Visa during the intervening time / Temporary Suspension of visa by the host country etc. Clearly the intent is to get back to the host country. Such NRIs probably will be able to go back in next couple of months. I want to believe Govt will not enforce FEMA act on these individuals as this is an unprecedented force majeure ( act of God ) situation . However It is important FEMA consequences are clarified as was promised by the host of this video channel. This is such a grey subject that even qualified CAs have to do some research before commenting on the subject. Once again thank your for this enormous effort and would look forward for your next video on the Consequences part of FEMA.

[@milindkotasthane9362]

I am also still looking for the answer as some individuals got stuck in india due to lockdown and lost the job of such a extended leave. What is govt saying on their residential status? It would be great help if Bhat sir Shriram Sir kindly clarify this point. Thanks again for informative video.

[@MarioBritto76]

Thank you Sir so nice to see an info-channel of this kind with very relevant concerns/questions being answered. I just happened to stumble upon on this site and so glad i found the information sought here.

[@NRIMoneyClinic]

Thank you very much for your kind words. Please subscribe and keep sharing the videos

[@indiramurali4794]

Can you please tell about LIC policies taken by NRI before going to US

[@venumohan2756]

Excellent Information given Sir Thank You both of You🙏🏻

[@prakashchandnani6695]

You have described FEMA Law that to see stay more than 182 days in a year. Is it same year for FY taxation or check stay in preceding year ? I mean to say, if I have to file tax for FY21-22 and during FY20-21 I stayed less than 182 days in India than for FY21-22 even if I stay more than 182 days in India, will I be considered PROI under Fema for FY21-22 due to I have stayed more than 182 days outside India in FY20-21. Ofcuz employment is a another different story to consider. You must know that AO in IT departments are so dumb that they don't know these rules and they creating unnecessary problems and raising demand or they have mentality to harass taxpayer and get some bribe from Innocent NRIs and in 99% cases, it goes to CIT appeal to be get cleared which costs more with lot of extra time. Even big officers have know such knowledge. Its better avoid to stay in India more than 182 days

[@sriramrao2514]

What IT department knows or does not know is none of our concern, we must know what is law and act accordingly. As far as residential status under FEMA is concerned, one must give priority to 'intention' of either going outside of India or coming to India rather than 'physical stay'. However, if physical stay has to be considered, then yes, under FEMA previous years stay has to be verified in order to determine residential status of this year...

[@bhupendrasheth150]

You are doing great service to NRI community I am CA but not having clear information.

[@rajendraprabhudesai3382]

This kind of talks should be despised,indian taxation is karnstak based karkunde culture which should be abolished totally, why should any person be under high blood pressure and tensed after earning sufficientoney fr himself out of his own skill , taxation makes everything and all individuals upset forever , indirect tax is only enough fr govt leaders to loot than why income tax returns without giving anything to the assessee directly it is like a housing society in anarkhy like the seven years old present inefficient govt in India

[@dr2767]

You earn all from outside and once you go and settle in India and bring your investment to India the Income tax guys start harassing you like you are a criminal. Better stay out.

[@vasuvasudevan1827]

I daresay my 13 year old daughter can make simpler and clearer rules than the entire babudom of India - but again, I’m probably the hundred millionth Indian to reach that conclusion and make that observation :-)

[@rajsharma2809]

Thanks for the session. I think it will be a good idea to start with defining who is an NRI? For example difference between a person staying in Canada as a Permanent Resident and holding an Indian Passport versus A Canadian Citizen of Indian Origin (OCI) holding a Canadian Passport. Thank you.

[@virgoshell]

* If you're looking from a Banking point of view : Indian passport holder with a valid PR or a Canadian passport holder with a OCI, both will be eligible to open a NRE / NRE account in India. * From Indian Taxation/ filling of Income tax in India / Ascertain Resident Indian status - point of view : This will depend on the NRI, if he/she is out of India for X number of days in a FY as per income Tax of India rules to qualify as a NRI. If you're holding Indian passport with valid Canadian PR or if you're holding a Valid Canadian Passport with OCI , but if you're in india for X number of days and qualify as a Resident Indian as per Income tax rules, you'll be liable to file taxes and pay necessary taxes here in India, provided you qualify as a Resident Indian (after considering RNOR Status).

[@vihaanbhatia464]

This is good question to address. It would be logical if NRI status is granted only when the person acquires foreign passport.

[@raiachonizgoenkar2517]

Due to the pandemic if a person cannot go back outside India, does that person lose his NRI status and will the person have to pay income tax since he cannot be outside India for 180 days from April 2020 to March 2021.

[@NRIMoneyClinic]

Will soon do a video this topic

[@b.f4294]

@@NRIMoneyClinic pls , awaiting.

[@diogojohnfernandes1503]

Pl let me know since I have also come back to India due to pandamic n do not know when I will.l return since the situation abroad has not yet improved n also international Flights have not yet started. Pl advice?

[@avinashtaneja5995]

I remember reading somewhere sometimes back, an NRI ,after returning can keep NRE account for six years and obviously the biggest advantage is no tax on interest. Is that rule withdrawn or I misinterpreted something incorrectly ? Can one otherwise keep NRE account in RFC account to make use of foreign currency as and when required.

[@sriramrao2514]

NRE/NRO accounts must be closed/re-designated to resident accounts as soon as person comes back to India for permanent settlement /after resgining/losing job or for exercising employment/business in India. Because on the date of arrival itself, such person would become a person resident in India as per FEMA. FCNR can be held till maturity. One can check it yourself, RBI’s master direction 5R… para 4.9 of ‘Part II - Opening, holding and maintaining accounts in India by a person resident outside India’ - therein... Its entirely a misconception that NRE could be held for 6 years upon arrival... there was never such rules... As soon as returning, a person can convert NRE to RFC and continue to hold foreign currency that....

[@prakashdhami613]

If NRE FD has to be closed on returning to India, will it be premature closure of the NRE FD or will the type of FD change from NRE to normal FD? Closure will lead to penalty of interest by the bank. Please clarify

[@sriramrao2514]

This question can be better answered by your banker.

[@karthiksury1587]

As I understand from my bankers, the NRE savings will have to be converted Resident savings account, but the NRE FDs can continue. However all the interest accumulated on NRE FDs from the time of status change are to be included in Resident taxable income and tax must be paid. On maturity, the NRE FDs will get converted to Resident FDs.

[@sriramrao2514]

@@karthiksury1587 most of the times the bankers are ill informed. Don’t believe me, check the below link yourself, which RBI’s master direction 5R… check para 4.9 of ‘Part II - Opening, holding and maintaining accounts in India by a person resident outside India’ - therein www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10198

[@prakashdhami613]

@@sriramrao2514 thank you. I thought it will benefit many. Hence I posted

[@prakashdhami613]

@@karthiksury1587 thank you so much

[@autoclick440]

what will happen to bank account number if converted from NRE to normal account , some times you need to wait long to receive dues form overseas companies.

[@johngeorge3170]

Video needed regarding Aadhar card Nri pan card linkage or pan card invalid or without linkage how can Nri file tax online problems website for filing tax after Last date given for Aadhar card many Nri not have

[@ricky4977]

Uncle- You are the best source of knowledge in this field! Please talk about PIS & Non PIS account too for NRI's

[@bhanuprakash3212]

return means coming back. return back is an oxymoron. No need to say back after return.

[@NRIMoneyClinic]

Thank you very much for your feedback. Point noted. Yours was an accurate estimate.

[@iqhirani861]

What about the PIO (or the OCI HOLDER) want to live in India for a long long time (let’s say couple of years)…&.. is a retired senior citizen… CAN HE KEEP HIS NRE / NRO A/Cs?!

[@sriramrao2514]

The rules are same explained in the video for a PIO/OCI card holder

[@iqhirani861]

@@sriramrao2514 Thanks SR… Even if I’ve no income in India & I survive on my pension & SS? Which I’ll have to transfer every month to survive?

[@Live-freedom]

It's crystal clear information 👌thanks team you made such a WONDERFUL information for those who NRE AND NRO...categories

[@ashvinichakwate6443]

Please tell about ppf account of NRI - opening of PPF account before NRI status, operation of PPF account after NRI status but before maturity of PPF account, closing of PPF account after maturity of 15 yr when NRI status.

[@vamsisomesh]

What about an employee of an Indian company sent overseas for a deputation of 7 months on a work visa. Employee paid overseas salary and taxed in overseas bank account. Should this person open an NRE/NRO account even though it’s a temporary deputation?

[@Ramaswamy-p1s]

Thanks Mr Sriram for the valuable information. Also we thank NRI Money clinic for service to NRI community. On returning back to India for good, can NRI continue to hold the overseas bank account and overseas brokerage accounts which holds overseas securities? How long can maintain the same? Is there any disclosure requirements to RBI or IT department ? Thanks

[@dayaljoshi9613]

I am keen to watch all your queries / program. I also take the liberty to circulate this to all my friends. Many many thanks for such a informative program

[@pjray8642]

You said that one can keep an FCNR deposit till maturity if one returns to India. However, is the interest earned from the FCNR deposit taxable, because it was not taxable when one was an NRI.

[@lalkapur3530]

What is the situation in case NRI who have taken foreign citizenship and comes back for good and holds OCI card

[@alageshan61]

Very informative I have to follow up on this.

[@sweetvuvuzela4634]

All residents should pay their taxes due in their countries not fiddle its a burden on the rest of the law abiding citizens nirav modi mallya

[@goodman1253]

Dear Sriram, I am happy that I already got the relevant answers for the questions I posted a while ago, by strolling thru the several trailing comments below by various individuals along with your respective comments on RNOR. Anyways, I am going to leave my earlier comments "as is" so that any new watchers (like me) can benefit from these comments...

[@rupeshdubey9582]

very informative video, what if I have FD in NRE account? Can I maintain NRE till the maturity?

[@kingaz619]

Very well explained.. thanks

[@VinodKumar-iu9jv]

In Kerala State 70 million people do not pay income Tax. what you can do. Income tax is efficient or in efficient.

[@rachelninan9074]

Do you know that these 70 million people generated income from outside India and they have deposited the money to India. I hope you understand this. This is the reason - not that they were making money in India and not paying. Do you know that NRI TDS is 33% unlike a resident. Please do read before commenting.

[@sunilkumarsanatanpanda6327]

My daughter is an Indian NRI in UK. She has an account with Barclays Bank in Surrey. Is it an NRE account in context with Indian Laws.

[@usmanmohiddinmahammad9805]

Well explained about NRI & Resident status, but I request to explain about the intermediate stage of RONR Status and applicable FEMA and Incometax provisions on NRE/NRO Accounts and taxation provisions. Thank you.

[@JamesBond-is5du]

Thank you both for the exceptional videos. I am a foreign national with oci status. I will be getting a pension from abroad when i retire in india. Will I have to then also have to convert to resident accounts? Thank you both.

[@rajeshreddyb1472]

Could you please make a video about people who obtained foreign citizenship and are returning to India?

[@syedbasha9564]

What happens to PPF account opened prior to becoming NRI & can it be continued till its maturity period?

[@prasadnaiquesai]

Thank you NRI Money Clinic for inside view .Om Sai Ram.

[@burma371]

If some one goes back abroad the what about those accounts...Again u have to open new nre account???? It is not cleared by you..

[@pradeepkumarmoghe4551]

Great ! How can one contact your office for issues related to PIO/ OCI resident in India.

[@dryasmeenchamanshaik5970]

If wife comes back to India n husband still as btoad n ,n transfer of money from abroad continue in wife's NRE account,is it ok

[@Nvn440]

why talking about NRI no one mention Seafarers / Mariners??

[@allaremyfriends67]

If a person has returned back on settling permanently in India and expecting to receive some funds at a later stage which is due to him out of his employment Overseas, he must maintain his account and cancel it. Will the system prevent?

[@stampmaker9384]

Good Day, I have a NRO a/c in SBI Mumbai and wish to close and retrieve my funds. Would you help in this matter? I live in Canada.

[@ShyamSundaresan]

seems the laws are vague and subjective at the end of the day.

[@noshirbatliwala9179]

Very well communicated..Thank you .

[@checkfurniture]

RBI seriously need to revise those outdated rules attached to bank accounts operation. Unfair banking charges too

[@ashishmaurya5017]

These rules are made because of some reasons..especially to prevent money laundering and black money prevention.

[@hanshasanjeeb]

Discuss clearly how about NRI stuck in homeland due to special unprecedented circumstances such COVID pandemic...what is the consider because this is a forced situation not a regular or normal condition.

[@NRIMoneyClinic]

That will not affect your NRE accounts .

[@hanshasanjeeb]

@@NRIMoneyClinic thanks... because we didn't came here in a intention for permanent return and also our job is still there in abroad and our slary is dispersed every month there and we have salary slip from school for evey month.

[@balakrishnannambiar9291]

Points explained very simple language. Very helpful.

[@arvindvyas]

Thanks for your valuable informations. I have questions , After returing permanently, If NRE FD is for more years, bank will break it and renew it, from the new date. In this case person may suffer loss. Second question, there is few years that NRE intrest money will not be taxed (please correct me, before this period was 9 years and now it is 2 years.) This need to be elaborated. / clarified.

[@simrmsan]

Can a PIO holder buy an asset (movable or immovable) in India by directly transferring funds from overseas account without going thro NRE/NRO accounts Indai?

[@jkdhanakumar]

Can I transfer INR or USD from my NRE account in Gulf to my Children NRE account in US / Canada

[@NRIMoneyClinic]

Yes, you can

[@sanjeevsarnaik1503]

Very nice knowledgeable discussion and also easy to understand as well.

[@purnimabarot6863]

Very knowledgeable video .

[@swingerdisco86disco46]

every year the INR keeps declining against the DOLLAR. imagine 5 years back you just kept dollars without converting into INR. Without any interest rate. How much would your money be worth today. Has the INR ever gain against the US DOLLAR. and will never. In next 5 years $1 = 100+ INR.

[@Betelgeuse732]

The fact is (that) the bsnk convert $ to RS at deposit, and convert to $ when yo withdraw form an IRI account; the NRI is not keeping the money in $, the acount allows then to repatriate $ when you withdraw, SURE recepie to lose money!!!!! They will never tell you this: personal experience. NRO is another story, for keeping your Indian earned Rs, such as inherretance etc, But those SOBs will ask for too many documents (such as land sale records , reoords from the previous owners etc) which are onerous and unheard of in the US/ Canada) for that to be repatriated You are absolutely correct, the Rs will never gain against the $. I deposited $10000/ years ago for my parents to draw (gave signed checks), kept the money in $ as advised by SBI. my parents never drew any funda and years later as they passed, I clossed the account and took the money back, sad part was that the $10000/- shrinked to about $6000/- during that time. Only theh I was told by SBI of this .-

[@prasadnaiquesai]

@@Betelgeuse732 felt vary sorry and pained about about the situation .Let's pray for Forced Majeure (Act of God) .

[@swingerdisco86disco46]

@@Betelgeuse732 After the Second World War IMF was formed and money printed by Government's across the world was called FIAT. the develop world had good administrative system and politics. so they could maintain the currency stable against the dollar. The third world had uneducated politicians and currencies kept declining against the dollar. And still keeps declining. G8 submit is nothing but developed world looks at the balance sheet of Central Bank of third world and grant loan in liquidity SDR special drawing rights its a currency of IMF. they advocate third world and tell how much currency should be printed. the consequences are everything becomes expensive people lose purchasing power. RBI is the biggest ponzi financial institution since it was established they don't mind printing another 5000

[@prasadnaiquesai]

Bretonhood institutions like The World Bank also plays a substantial role in that.At the outset I wrote the PM about our economy and requested to plant a Mulberry Tree in the vincinity of RBI for protection of our economy as done by Bank Of England.This Mulberry Tree by the way is on which the first Money bank bill note was printed by Ming Dynasty .The visitors to BOE are being asked questions by Economist guide I answered it as Mullbery Tree Laxmi.

[@kishorebabu3879]

Hai Sir:Can you forward your email I’d.Have some specific issues to be discussed.

[@jaichugh2776]

Dear Sir. Thanks for your reply which is much appreciated. To be honest, an Indian should not even have an NRE account. It may earn interest in India but this interest is taxable in the country where one is living ( I mean abroad ). Transferring NRE funds abroad is a big headache. I have been through it 7/8 times and I know how it feels. I regret opening NRE accounts.NRO account is a better option tax is deducted at source and is refundable if one qualifies for it. Of course, IT return has to be filed by a CA ( fee will be charged )and it takes months to get the refund. Opening NRE and NRO accounts may be easy for some but I shall not recommend them.As for sharing knowledge I think you are very well suited for that job. I am just a laymen and my experience has not been a pleasant one. …….Kind regards

[@cookmaster3626]

Agree with you 200%. You never come out ahead with declining exchange rate and the tax filing and other paper work. Not worth it.

[@sridhark1544]

One can close just a week before the 180 days deadline.

[@dr.gopalakrishnanpillai2806]

SIR, CAN AN OCI HOLDER NOW PERMANENTLY RESIDING IN INDIA INVEST IN NATIONAL SAVINGS CERTIFICATE POSTAL SCHEME?

[@sagarchand790]

Hi, Im an OCI and would like to stay in India for just couple of years for family reasons. I have an NRE account which I would like to remit funds to. I understand that I need to close my NRE account after I stay in India for 183 days as my residency changes. But I have few properties back in my foreign country and have alll the intentions to go back, in that case can I repatriate the funds back to my foreign country (the same funds that I earned overseas and remitted to India) without paying the 20% TCS? I am willing to pay the taxes on the interest earned on my foreign remitted funds but not sure how is it fair to pay to 20% TCS on my foreign funds. Please advise.

[@sriramrao2514]

There are separate video's in this channel about non-resident remittances, applicability of TCS etc... you can watch them and be guided....

[@sandiproychoudhury1548]

I am an NRI & a Chartered Accountant by training. I have been working outside India for last 24 years. I have decided to retire & settle in India. I have various NRE Term Deposit Accounts which will mature, say after 3 years but in the meantime my status has changed from NRI to Resident individual. I can maintain the term deposits until maturity. What will be tax treatment of interest earned? Will it be taxed from the day I come back to India?

[@NRIMoneyClinic]

There is a video on this channel titled " What happens to your NRI FDs When you become a Resident Indian " please watch and be guided

[@jobyj18]

What happens if non Indian passport holders wants to open an account?

[@sushilabraganza9984]

wat about people with oci has to close nre account wen in india

[@umangshanker9284]

I think the information is not correct and confusing.what happens to all the NRE fixed deposits in INR which has not matured??And the ones which are un callable??Do the NRI has to break those deposits prematurely?? And suppose after 1 or 2 year the person decides to go back? Intention can change anytime. As far as i know there is a RNOR status given for 2 to 3 years to all NRI who has settled in india during that period he can settle all accounts.

[@sriramrao2514]

Information is correct… NRE deposits also needs to be redesignated as resident deposits… it does not mean breaking FD’s… further RNOR status is under Income Tax Act only and doesn’t apply in case of maintenance of bank accounts which governed by FEMA which has definition of resident and non resident separately

[@tajinderpalsingh1364]

I am resident of india and having joint account in bank with daughter..wife..mother ...so getting green card in usa....(..not working in usa..)..my family is in india...only son in usa...so should i close joint account ....i am not citizen of usa

[@sriramrao2514]

Understand that there is a difference between citizenship and residential status. You may be citizen of India, but may become resident of other country. If you are then be guided by the video content.

[@milinddeshpande5222]

What happens to NRE accounts when NRI takes citizenship of another country and gets OCI card?

[@sriramrao2514]

No changes… it will remain as NRE

[@milinddeshpande5222]

@@sriramrao2514 Thanks.

[@rasheedkoyahassen6226]

Ok understand how to close the NRE account when NRI returns to India, but dint clear in which account this money should maintain, either ordinary SB account or current Account ? And is there any interest we should pay while maintaining this money. Appreciate your feedback in this regards

[@sriramrao2514]

You can convert these NRE account to resident, there is no need to close.... if funds are in NRE SB, then the same will be converted to resident SB and if it is in NRE FD, then it will be converted to resident FD...

[@arifhussain7414]

Sir Can you confirm, ICICI bank has stopped all operation with SAUDI ARABIAN banks. I have NRI account in that bank, can I close that account even being an NRI

[@mahendrakumarpatel5859]

भट्ट साहब,10 सालसे मैंन आर आइ हूॅ।अब मैं इन्कम टेक्ष फाइल नहीं करता।ईन्डियामें 2 बर्ष का पेन्शन लाईफ सर्टी नहीं मिलनेसे बंध हो गया था। बादमें 2 बर्ष का दिया तो, 107000/टीडी एस काट लिया है। मैं ईनकमटेक्षके दायरे में नही आता था।तो मेरा पीडीएस वापस मिल सकता है? कैसे। mj _patel _teacher @Yahoo.co.in

[@vismainaikt1963]

Hello sir, What is the difference between RDA and MTSS remittance systems? Does using platforms like Transfer Wise to remitt money into NRE accounts come under MTSS?

[@vinayaktiwari4383]

What if OCI holder stays in india for lets say 5 yers plus has intent to stay back in india for a longer time for some reason....can he/she still have NRO account!

[@sriramrao2514]

No.... they have to convert to resident account...

[@atulshivnandandixit7957]

What about the persons working in Merchant Navy who doe come back to India after finish of their contracts every year with regards to NRE status. Some times they are unable to out side the country due to domestic reasons. and then they go back to work in the next financial year

[@sriramrao2514]

In those condition, its fine to maintain NRE.... but such intervening period of being in India cannot be prolonged to a point where such stay could not be substantiated to prove that you always had intention to go back to work...

[@trajmohan5559]

Why RNOR status was not discussed?

[@ananthakrishnabt2596]

Thank you Bhat and Shriram Sir for providing valuable information. You both are doing great service. 🙏

[@VinodKumar-iu9jv]

An Indian traveling outside the Country international having a Credit Card. Always overcharged or declined and do not work properly. Indian Credit Card system issued by SBI or other private Banks are still in efficient. and poorly managed. Are we still developed country or Digital india or third world country.

[@kkavadhani4580]

Goodinfo.thanks

[@PKSFF5]

I have a ?, I had paid for housing loan in my parents name thru my NRI account and finished. Now from that house coming rental money , which spent by my parents.In this situation I have to submit the Income tax returns or not need.Also I have sent money for family expencess more than 2.5 lac INR, must be file a Income tax.Same way I ha paid for car loan in my mother in law name, is it to file a Income tax?

[@nellorechari9770]

Sir I am a non resident Indian. I am given a Platinum debit card by my bank. Can I draw my pension credit using the platinum debit card

[@sriramrao2514]

yes

[@shashitripathi586]

Sir, where is your office and what's the contact number please. Thanks

[@NRIMoneyClinic]

Contact via WhatsApp message number shown on the screen

[@nambivvr2515]

Indian Us citizen comes to India and by OCI and stay for 2 years in India . Whether to close the NRE account .

[@sriramrao2514]

May be, its subjective and decision to close or re-designate non-resident accounts would depend on facts & circumstances...

[@VinodKumar-iu9jv]

why in Kerala State nothing is digitally monitored. Nobody pays any tax (merchants, business people, Film Stars, politicians) what you can do.

[@sridhark1544]

Irrespective of whatever the reason to overstay more than 180 days one should close the account. It is mandatory. Only it is not taken seriously by IT.

[@priyer74]

I am a green card holder living in the US. i have NRE account in India. i am getting interest in that account for my deposits. i am not sure how to file for tax in India. whom to approach?

[@surinderpaulrandhawa1311]

I had a lndian guy working with me in UK on work visa, during demonatisation his visa expired and he went back to India I gave him 1.5 lakh rupees to put in his bank and hoping he will give the money back, he said the bank took the money and told him he can not have it back because he is considered a NRI.

[@tajinderpalsingh1364]

A person getting pension from india service ...but settle out side ...what will status of pension ordinary account

[@sridhark1544]

Banker will have to update KYC and update of details will tell the Change of Status. Ther one can get caught.

[@mm-zo3pp]

180 days allowed maximum....

[@sridhark1544]

Minimum 180 days outside of India is requirement for Non resident status and 180 days stay in India to close the accounts. There is no such thing as no time line.

[@balachandrangopalakrishnan4574]

What about NRE fixed deposit after coming back to India with the intention of settling in India.

[@phanipoorna]

Wow - another fantastic video. Many accolades to CA Sriram's loads of knowledge on taxation and confidence during his explanation. The video is mainly focused on NRI's returning to India and still maintaining NRE accounts which somehow results in evading the tax. How about Resident Indian converted to NRI but still maintaining all his Resident Fixed deposits & sending money from Foreign to Resident Indian account, If he is filing the tax every year correctly - what would be the consequences? During filing the tax, will there be any queries or rejections by Income tax department? Also If the resident Indian who recently became NRI has multiple Resident accounts in India but he has only converted his one main account frequently used by him to NRO and NRE account. will there be any issues to continue maintaining less frequently used Resident accounts without the conversion? When does the actual issue by the various departments will be raised (Is it during Income tax filing?). What are the consequences in all these scenarios as per the Indian law?

[@NRIMoneyClinic]

We will do a separate video on this issue It is a major issue . Thanks for suggesting the topic

[@pariluvanil]

Hi Phani,did you get an answer for your above question?

[@RajuPatel-yw8gz]

I am also waiting for the above reply or video

[@karunakaranrs5132]

Your videos are so much informative. Please also advise on the following: A person worked and retired in India, was receiving pension in a resident account. After retirement, went to UK and continue to live and as a result has become NRI. But still maintains resident account for credting pension. My question is can a NRI hold a res. account also for the purpose of receiving pension.

[@NRIMoneyClinic]

No , you should not hold Resident account as a NRI . Convert Resident account to NRO account and give that account number for crediting your pension

[@karunakaranrs5132]

@@NRIMoneyClinic Thank you, sir. I will do, sir.

[@gerardnidhiry8359]

If I include my son as NRI to my NRI account and subsequently I become resident Indian , can the rupee fixed deposits held by me continue to enjoy tax free status?

[@amandeepverma4016]

Hello Sir, need help for my Aunt. She is a widow and Canadian citizen.. want to stay in India Can I please have your email Id

[@amitabhnayek9969]

I’m working in Saudi Arabia in govt job Min of health and my service benefits will come on my account maybe after 3 to 6 months so what should I do in this case

[@wowmeaning]

sir. how power of attorney works. should I get a pofattorny from UK solicitors or from India. I have to appoint someone India to buy property r dealing any money related issue.

[@harshadgadamale1780]

what will be penalty if NRE not get closed for 1 year?how to get out of it if we missed to closed it

[@sriramrao2514]

convert it to resident ASAP and if a enquiry notice is issued at that time take necessary action of technically responding to such notices and substantiating your position to get out of penalty... there is no minimum penalty as such, & such penalty may run upto 300% of amount involved...

[@YourNEBOSHguide]

What about nre fixed deposits? Can those continue or we need to break the same? What if we could ntinue till maturity? What would be tax liability on the maturity of these deposits? Will they be taxed as resident deposits

[@NRIMoneyClinic]

You need not break NRE FD . But it needs to be redesignated as Resident FD. Interest becomes taxable for the years when you are a resident

[@sabithap7456]

Exactly. All banks advice same. If you break fds prematurely as he advices you end up paying penalties