Menu
Resident bank account for nri
What are the penalties if a NRI hold SB account,FD in India and PPF account (opened after getting NRI Status).
Replies (1)
As per FEMA Deposit Regulations, a NRI cannot hold resident savings account. As far as penalty goes, it can be 3 times of the amount involved or if amount is not quantifiable, INR 2 lacs. Suggest to re-designate accounts asap - if PPF is opened after becoming NRI, do not contribute anything (not even min. 500) till you come back to India and become a resident.
Recent Topics :
- FAST DS 2026 query
- Consultation
- E-way notices for FY 22-23
- Gst file not created
- Regarding 3CEB query
- Omitted E-Commerce Sales Reported in Table 14 but
- Omitted sales shown in GSTR-1 Table 14 but not in
- EWAY BILL TAKE OUT OF OTHER COMPAMY
- Penalty & late fee for late ITR filing
- Business discontinued as Government took possessio
Related Topics :
CAclubindia
