Saving/nro account
This query is : Resolved
01 September 2012
I have a salary(or saving) account in Pune.
I am on company assignment in Europe from 2011 and will continue here till Feb-Mar 2013. From April 2012 my resident status is NRI.
Query:
Is it OK to keep my account type as saving and transfer money from Europe or shall I convert it to NRO account.
Please suggest.
I am on company assignment in Europe from 2011 and will continue here till Feb-Mar 2013. From April 2012 my resident status is NRI.
Query:
Is it OK to keep my account type as saving and transfer money from Europe or shall I convert it to NRO account.
Please suggest.
Amol S Joglekar
(Expert)
01 September 2012
Since you are non resident as per Foreign Exchange Management Act (FEMA), you better open NRE aount and transfer the funs. NRO account is basically for INR funds
Message likes :
1 times
SANYAM ARORA
(Expert)
01 September 2012
Agreed with the reply
Message likes :
1 times
01 September 2012
Thanks Amol, Sanyam.
I wrote email to my bank and they replied they don't support NRE account for Italy.
Is there any other way?
My stay here is temporary aprox 1 year and want to use these money when I am back in India, so not sure if remitting to parents account will help.
Please suggest.
I wrote email to my bank and they replied they don't support NRE account for Italy.
Is there any other way?
My stay here is temporary aprox 1 year and want to use these money when I am back in India, so not sure if remitting to parents account will help.
Please suggest.
Amol S Joglekar
(Expert)
04 September 2012
you can remit the amount to PARENTs if you wish,,, not an issue, Remittances are also tax exempt. (I am sorry to note that ITALY is not permitted...) Just a small query... which bank in INDIA is restricting such an NRE account? You can refer this matter to BANK OMBUDSMAN
Dhirajlal Rambhia
(Expert)
07 October 2021
You saving account in India, need to be converted to NRO account, if your status changes to NRI.
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
