TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Foreign Nationals in India: Rules for Maintaining and Closing Resident Accounts Under FEMA 1999 Explained.</h1> Foreign nationals employed in India with valid visas can maintain resident accounts with authorized banks. Upon leaving India, these accounts must be closed and assets transferred abroad. Banks should re-designate these accounts as Non-Resident (Ordinary) [NRO] Accounts to facilitate collection of pending dues, subject to conditions: obtaining details of legitimate dues, ensuring credits are bona fide, repatriating funds abroad up to USD one million per year after tax compliance, and monitoring account transactions. The account must be closed after dues are repatriated. These instructions are issued under the Foreign Exchange Management Act, 1999.
TaxTMI 
TaxTMI 
