Foreign Currency Accounts
for returning indians, can they maintain foreign bank accounts in usa for ever or do they need to close them at some point of time. If anyone knows pls suggest. more
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Mar 30
Parveen ji, you are right for Resident Indians. I mentioned about the status " RNOR" which is available to returning Indians for a limited period of time during which they can maintain their foreign accounts without declaring the same. more
Sep 19
Under Foreign Exchange Management (Permissible capital account transactions) Regulations, 2000, maintenance of foreign currency accounts by a person resident in India is allowed. However, the particulars of Bank Account held in India and out of India must be given in the Income Tax return. Further, I did not find any mention that the permission will lapse on a resident becoming Ordinarily Resident. more
Sep 19
If you want to maintain foreign accounts for longer period, you need to take RBI permission. more
Sep 19
This querry had already been clarified earlier also on this circle, again, returning NRI's can maintain their foreign accounts as long as they are Resident but not ordinarily resident and to determine how long you can enjoy this status, please check the web site, generally, it will not be more than two years depending upon your length of stay outside. more
Sep 19
