A resident Indian is running a Proprietorship firm in India since the past 16/17 years, dealing in specialised Engineering business. He has IE Code and GST Certificate also.
The business is well settled in India and the person has regular clientele. He also files income tax returns regularly.
The person decides to expand his business and moves to another country. The Indian proprietorship firm continues to receive business and he attends to his clients through email and visits from time to time.
The person will soon convert his savings accounts to NRO.
QUERIES
1) Will the bank convert his Proprietorship firm Current account to NRO also?
2) Can the person, who now is NRI, open a new current account in the name of his ongoing proprietorship firm?
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