Can Returning Indians continue to maintain their existing NRE/FCNR/NRO accounts in India?

Question: Can Returning Indians continue to maintain their existing NRE/FCNR/NRO accounts in India?

Answer(s)

Raju Kanumuri: No. Returning Indians are required to redesignate immediately on their return to India their NRE/FCNR accounts as resident rupee accounts or transfer the balances held in their NRE/FCNR accounts to Resident Foreign Currency (RFC) Accounts (if eligible). The Non Resident (Ordinary) (NRO) accounts also have to be redesignated as resident rupee accounts. The funds held in NRO accounts cannot be credited to RFC accounts.

Source : Reserve Bank Of India

Your Answer

Related Questions

Q: Can residential/commercial property be mortgaged by NRI?

A: The sale proceeds of immovable property acquired by way of gift should be credited to NRO account only. From the balance in the NRO account, NRI/PIO may remit up to USD one million, per financial...

Q: How can an NRI make payment for the purchase of residential property in India?

A: Payment can be made by NRI / PIO out of : Funds remitted to India through normal banking channels or Funds held in NRE / FCNR (B) / NRO account maintained in India No payment can be made...

Q: Is repatriation of the application money for booking of flat/ payment made to the builder by NRI allowed when the flat is not allowed or the booking contract is canceled?

A: The Authorised Dealers can allow NRIs / PIOs to credit refund of application/ earnest money/ purchase consideration made by the house building agencies/ seller on account of non-allotment of flat/...

Q: If the rupee loan was taken by the NRI from an authorized dealer for the purchase of a residential property can an NRI repatriate the sale proceeds of such property?

A: Yes, Authorised Dealers have been authorised to allow repatriation of sale proceeds of residential accommodation purchased by NRIs/ PIOs out of funds raised by them by way of loans from the...

Ask