FEMA ACT provisions once NRO a/c is opened by NRI
This query is : Resolved
30 October 2021
Sir,
My client was having saving bank accounts in Three banks before proceeding abroad and subsequently he became an NRI status. Now after that he wants to retain only one NRO a/c in India and for that he wants to shift his Others SB accounts fund balances into that NRO a/c and thereafter close his normal saving bank a/c.,. As he does want to maintain only one NRO bank accounts and wants to close other saving bank accounts. Can he do that .. Is there any restriction or law for doing that activity .
These are his own funds of his own saving accounts .
Please guide.
My client was having saving bank accounts in Three banks before proceeding abroad and subsequently he became an NRI status. Now after that he wants to retain only one NRO a/c in India and for that he wants to shift his Others SB accounts fund balances into that NRO a/c and thereafter close his normal saving bank a/c.,. As he does want to maintain only one NRO bank accounts and wants to close other saving bank accounts. Can he do that .. Is there any restriction or law for doing that activity .
These are his own funds of his own saving accounts .
Please guide.
30 October 2021
No restriction. He can transfer funds to any one of the NRO account, and close the other two.
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30 October 2021
Thank you Sir .Enjoy Happy Diwali with your family and frinds.
30 October 2021
Thank You.
All the best wishes from CACLUBINDIA team on the occasion of Diwali. HAPPY DIPAWALI ....
All the best wishes from CACLUBINDIA team on the occasion of Diwali. HAPPY DIPAWALI ....
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