About making fd from nre account
This query is : Resolved
28 June 2012
Dear Experts,
My NRI client has got some amount in his NRE S. B. A/c. which he now wishes to convert the same in to Fixed Deposit and for the purpose the bank has asked him to get a certificate from a Chartered Accountant.
When I asked the banker to clarify the matter, banker said that it is in connection with the repatriation and a CA has to certify that the fund is from the NRE A/c. Only.
Please clarify which certificate has to be given is there any particular form under any rules under which CA has to certify for such a transaction.
Please clarify at the earliest it's urgent
My NRI client has got some amount in his NRE S. B. A/c. which he now wishes to convert the same in to Fixed Deposit and for the purpose the bank has asked him to get a certificate from a Chartered Accountant.
When I asked the banker to clarify the matter, banker said that it is in connection with the repatriation and a CA has to certify that the fund is from the NRE A/c. Only.
Please clarify which certificate has to be given is there any particular form under any rules under which CA has to certify for such a transaction.
Please clarify at the earliest it's urgent
28 June 2012
For payment 15CA form is applicable under Income Tax Act. This may not be applicable if you are making the FD with the same banker.(Authorised Dealer)
30 June 2012
Dear Sir,
Thank you very much for the reply, even I felt the same. On again enquiring the cleint, I got to know that some representations were wrong.
Actual the case is ; The client had transferred some amount from his NRE A/c. to Fixed deposit and presently the rate of interest have been levelled in both NRO & NRE deposits, the client again wanted to shift NRE deposit. In this matter, the Bank is asking for a CA Certificate. So Now can you throw some light on the matter. which form how to go about it etc., Thanks, with regards.
Thank you very much for the reply, even I felt the same. On again enquiring the cleint, I got to know that some representations were wrong.
Actual the case is ; The client had transferred some amount from his NRE A/c. to Fixed deposit and presently the rate of interest have been levelled in both NRO & NRE deposits, the client again wanted to shift NRE deposit. In this matter, the Bank is asking for a CA Certificate. So Now can you throw some light on the matter. which form how to go about it etc., Thanks, with regards.
30 June 2012
Not it is shifted to REPATRIATION, it seems. The permission is generally granted and hence no need to get it sertified from anybody. (This is with the assumption that FD is in INR and it is in the same bank)
02 July 2012
Dear Sir,
Even I think it is for repatriation. To clairfy, the deposit was in indian rupees and the same was NRO deposit kept for 6 months period by transfer of funds from his NRE A/c and all these are done in the same bank & same branch. still is there any need of certificate.
Even I think it is for repatriation. To clairfy, the deposit was in indian rupees and the same was NRO deposit kept for 6 months period by transfer of funds from his NRE A/c and all these are done in the same bank & same branch. still is there any need of certificate.
02 July 2012
No need to issue any certificate. Please ask for the circular no. under which BANK is bothering your client to produce the certificate. ( NRO is the savings bank a/c of NRI. So it has to be in INR.)
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