Can a non-resident foreigner open a bank account in Indian

This query is : Resolved

Sashwat Dash (Querist)
Follow

08 March 2011 Can a Foreigner, who is also a non-resident, open a Bank account in India to deposit his income generated in India ? If yes, which account?

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

09 March 2011 The answer shall depend on the stay period and intention of the foreigner in India.
If he wants to open account for 6 months then he can open NRO account.
But if he is going to stay in India and has already spent 182 days then he may open regular bank account also.

Anuj gupta
9810106211

Sashwat Dash

Sashwat Dash (Querist)
Follow

09 March 2011 Thanks for the response. He is a non-resident, i.e. his stay in India is less than 182 days at present. In this case can he open any type of a/c here?

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

09 March 2011 What was his staus in the last year .

Also he can open NRO account.

O.D.SHARMA

O.D.SHARMA (Expert)
Follow

10 March 2011 Hi.
He can go for NRE & NRO accounts.NRO can be for indian earnings.

Sashwat Dash

Sashwat Dash (Querist)
Follow

10 March 2011 last year he was non-resident. Also, I believe NRE and NRO accounts can only be opened by NRIs or PIOs. HE is none of the above. He can only open NRO a/c only upto 6 months on tourist VISA ?

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

10 March 2011 NRE A/c can only be opened by NRIs or PIOs,other non residents are free to open NRO A/c.

O.D.SHARMA

O.D.SHARMA (Expert)
Follow

10 March 2011 Hi,
Brief me on his visa status last year 6 Month Tourist visa ,What about this year ? he will have to produce visa to open even NRO account.

Sashwat Dash

Sashwat Dash (Querist)
Follow

10 March 2011 thank you all for your advise

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now