NRO BANK ACCOUNT

Save Share

This query is : Resolved

Quick Summary

A student studying abroad stayed in India for 175 days during the last financial year. According to FEMA guidelines, individuals leaving India for studies, employment, or business abroad with the intention of staying for an uncertain period should have their existing savings accounts redesignated as Non-Resident (Ordinary) Accounts. This query seeks clarification on whether this rule applies to the student's situation.

aarya

aarya (Querist)

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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

12 September 2024 Good Luck.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now