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?


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

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