Sunday, December 4, 2011

Can an NRI remit money to his already opened Resident Account in India? If not, then Why?

Is it necessary to open a NRE or NRO account for an NRI? If yes, then why?|||As an NRI your are not allowed to maintain Resident Account.





It is not necessary to open a new NRO account. Once you become an NRI you are supposed to inform the bank and they will re-classify your existing Resident account as NRO Account.|||You should have an nre/nro a/c once you are an NRI.This is a way the govt. would want to keep a track on such a/c's.You can use your resident a/c when you are in india but you must keep updating your status with the govt. authorities.Pl. read fema book on nre/nro subject to update youself.Things have really been simplified in last few years.

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