Nri propritor current account
This query is : Resolved
19 March 2018
that an NRI proprietor can hold current account in bank in India of Indian Proprietorship firm? that mean can continue open this current account after changing his status of resident ?
Guest
Guest
(Expert)
19 March 2018
On becoming NRI, he has to convert his accounts to NRO status with the bank.
19 March 2018
Yes. RBI rules require that upon becoming a non resident, the non resident should convert his resident accounts (SB/CD/TD) etc in to NRO category.
20 March 2018
that the bank current account is proprietorship firm bank account not in name of individual so in that case he have to change his firm account if proprietor resident change ??
20 March 2018
Proprietorship is not different from Individual. For example, there is no separate PAN for the Proprietorship firm for the same reason.
Message likes :
1 times
20 March 2018
So, the NRI Proprietor have to change his current account to NRO
Message likes :
1 times
21 March 2018
and investment made in proprietorship firm by proprietor who was resident of India but later his status of resident change and come under definition of NRI of FEMA then provision of FEMA for investment made by NRI in Proprietary shall be apply?
21 March 2018
It will not apply for the existing investment
Message likes :
1 times
21 March 2018
Additional capital invested by the Proprietor after making his account NRO, will fall under RBI's FEMA guidelines
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Relief u/s Section 89
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Lease agreement and tax on sale
- CCFS 2026 Schemed
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
