A non-resident as per latest FEMA rules (Foreign exchange managment act or rules) who is working in singapore for past two years in a company which is a sister concern of an Indian company which send him to singapore , he receives salary from the indian company in india and not is singapore and the same salary is credited to his bank account in india.
As per the FEMA regulations or rules is there any prohibition on the transaction of remiting salary on regular basis to his indian account or is there any necessity to take prior permission of RBI or Government or is there any limit up to which it can be done or is there any authorised bank or dealer in which he should deposit the same
Also tell me in this case whether the indian bank account will automatically get converted into NRO account or not and what is NRO account and what are the tax implications of the same?
CAclubindia
