Determining residential status as per FEMA

Shivangi Agrawal , Last updated: 12 August 2020  
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When a resident Indian gains non-resident Indian status, it is mandatory by the law to change the residential status in the bank accounts. FEMA rules for NRIs do not allow holding a savings bank account in India. NRIs need to set up an NRO or NRE Account as stipulated by the Reserve Bank of India (R

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Shivangi Agrawal
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