19 April 2017
1.A NRI HAS A RESIDENT SAVING ACCOUNT IN A BANK AND HAS NOT INTIMATED THE BANK ABOUT HIS RESIDENTIAL STATUS FROM RESIDENT TO NON RESIDENT, HIS RESIDENT ACCOUNT HAVE CREDITS FROM HIS FORIEN ACCOUNTS ONLY, NOW HE WANT TO REPATRIATE HIS FUNDS IN RESIDENT ACCOUNT TO FORIEGN ACCOUNT.WHAT IS THE PROCEDURE AND COSEQUENCES FOR NON INTIMATION TO BANK OF HIS CHANGE IN RESIDENTIAL STATUS.IS THERE ANY SORT OF LIABILTY ON BANK. 2.A NRI HAS PERMANENTLY RETURNED BACK TO INDIA 10 YEARS AGO BUT HAS NOT INTIMATED THE BANK ABOUT CHANGE OF HIS RESIDENTIAL STATUS. WHAT WOULD BE THE CONSEQUENCIES OF THIS FOR THE NRI AS WELL AS FOR THE BANK. 3.IS IT COMPULSORY FOR NRI TO HAVE PAN IN SAVING ACOUNT
19 April 2017
1 No liability on bank. According to the FEMA regulation, it is illegal for NRIs to hold resident savings account in India. You will need to convert your resident savings account into an NRO account. If you continue to use your resident account, you might incur huge penalties. Convert it as NRO AC and then repartriate finds. 2 penalty applicable for non intimation on return to India.
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