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Bappa D
I am having resident savings account in 3 banks . I have redesignate one account from one bank to NRO just after reaching abroad. (Not yet NRI as per IT act yet ..) ... My question is if I do not redesignate other bank accounts due difficulties in doing so from out side india .. will it be problem ? If yes what can be the consequences ??
I think you meant Resident as per IT act
However in this case the condition to convert your bank account starts immediately after you move abroad.
So you have to get the accounts converted to NRO/NRE as the case may be.
Further if you don't plan to use the other two accounts and let it be as it is - then no consequences
As per FEMA regulation, when a resident’s status changes to NRI the resident savings account have to be converted to an NRO account. In simple words, it’s illegal to maintain a saving bank account for NRIs. Most of the people make a mistake of maintaining a resident saving bank account even after becoming an NRI. However, the law does not allow it.
Banks prescribe specific forms for the conversion of existing savings accounts to NRO accounts. Forms can be obtained from the bank or downloaded from the bank website.
Documents: A new account opening form also needs to be submitted to support the conversion request. Address proof of the overseas address must also be provided. Copies of the applicant’s passport, valid visa or work permit and OCI/PIO card (if applicable) must be submitted.
If you have already moved abroad without completing this formality, you can get copies of all your documents attested by the Indian Embassy or Notary and send them to the branch.
In the present case, Once the status changes to NRI the redesignation should be done.
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Sagar Khurana
Buying bitcoin from friend through net banking is legal or illegal. If it is illegal then under which section it is illegal.
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Rajarshi Bhattacharjee
Income Tax:Can i claiming deduction for section 80dd and 80ddb for my father who has a Motor neuron disease. He earns pension. Will he be considered as a dependent in that case.