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.
K Srinivas, CMA CS
(Expert)
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 ??
K Srinivas, CMA CS
(Expert)
20 March 2018
Proprietorship is not different from Individual. For example, there is no separate PAN for the Proprietorship firm for the same reason.
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K Srinivas, CMA CS
(Expert)
20 March 2018
So, the NRI Proprietor have to change his current account to NRO
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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?
K Srinivas, CMA CS
(Expert)
21 March 2018
It will not apply for the existing investment
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K Srinivas, CMA CS
(Expert)
21 March 2018
Additional capital invested by the Proprietor after making his account NRO, will fall under RBI's FEMA guidelines
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