NRO BANK ACCOUNT
This query is : Resolved
27 July 2023
ONE OF THE STUDENT STAYING ABROAD FOR STUDIES PURPOSE , SHE LEFT INDIA LAST F.Y 2022-23. SHE STAYING INDIA FOR 175 DAYS IN LAST F.Y . SO SHOULD WE CHANGE STATUS OF SAVING BANK ACCOUNT TO NRO ACCOUNT AS PER FEMA GUIDELINES.
27 July 2023
When a person resident in India leaves India for a country (other than Nepal or Bhutan) for taking up employment or for carrying on business or vocation outside India or for any other purpose indicating his intention to stay outside India for an uncertain period, his existing account should be designated as a Non- Resident (Ordinary) Account.
12 September 2024
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