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: What is meant by investment through direct subscription route?

A: As per the regulations NRIs are allowed to invest up to a certain percentage of the total paid up capital of the company by directly subscribing to the equity/convertible debentures of the company...

Q: Can NRIs invest in shares, debentures and units of mutual funds in India?

A: NRIs are permitted to make direct investments in share/debentures of Indian companies/ units of mutual funds. They are also permitted to make portfolio investments i.e. shares/debentures of Indian...

Q: What is the status of NRO/NRE accounts on the return of the account holder to India?

A: RBI has advised to re-designate such accounts on the return of the account holder to India.

Q: What steps an NRI needs to take to start investing in the Indian stock market?

A: * An NRI should open a new bank account (NRO/NRE or both) with the designated bank which is approved by RBI. * He should apply for a general approval for investments in the Indian stock market...

Ask