Whether you are a non-resident Indian (NRI) who is moving back to India or looking to invest in India, or you are a resident who has recently been granted NRI status, the first thing you need to do is have the right bank account to manage your money.
Unlike regular citizens of India, NRIs cannot have standard savings accounts in Indian banks. The determination of NRI status is not as per the popularly known Income-Tax Act, but FEMA (Foreign Exchange Management Act). FEMA uses intent as the basis to determine residential status. So, once you have moved residence (and child’s school) across the shores, this clearly denotes intention, and hence your residential status changes.
Read the full article here
Unlike regular citizens of India, NRIs cannot have standard savings accounts in Indian banks. The determination of NRI status is not as per the popularly known Income-Tax Act, but FEMA (Foreign Exchange Management Act). FEMA uses intent as the basis to determine residential status. So, once you have moved residence (and child’s school) across the shores, this clearly denotes intention, and hence your residential status changes.
Read the full article here
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