Fema act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2011
A non-resident as per latest FEMA rules (Foreign exchange management act or rules) who is working in Singapore for past two years in a company which is a sister concern of an Indian company which send him to Singapore , he receives salary from the Indian company in India and not is Singapore and the same salary is credited to his bank account in India.
As per the FEMA regulations or rules is there any prohibition on the transaction of remitting salary on regular basis to his Indian account or is there any necessity to take prior permission of RBI or Government or is there any limit up to which it can be done or is there any authorized bank or dealer in which he should deposit the same
Also tell me in this case whether the Indian bank account will automatically get converted into NRO account or not and what is NRO account and what are the tax implications of the same?
As per the FEMA regulations or rules is there any prohibition on the transaction of remitting salary on regular basis to his Indian account or is there any necessity to take prior permission of RBI or Government or is there any limit up to which it can be done or is there any authorized bank or dealer in which he should deposit the same
Also tell me in this case whether the Indian bank account will automatically get converted into NRO account or not and what is NRO account and what are the tax implications of the same?
08 September 2011
Yes you have to take prior permission from RBI. Before taking permission you have to intimate RBI about opening of a office or branch in Singapore and then with the permission you can remit the salary to Singapore
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