Thanks for knowledgeable information

Very Informative video for the darkness field... Thanks

All the videos are very useful and quite explanatory especially in view of the large number of Indians living abroad They are buying properties to protect their savings/ earnings abroad. Thank you for inviting eminent experts in the field.👍👍👏👏🙏🙏

Great channel !!

Nicely clarified

Thanks for spreading your knowledge and experience to us 🙏... Have few doubts..what if the agricultural property is bought by NRI under close relative or spouse's name ?

Hello Sir, Thank u for the information. If someone is on dependent visa and have savings bank accounts in india and that saving bank accounts is used for investing in lic policy and ppf account which was started when he was in india so what should be done in that case ?

Thank you for the video. Can one continue to hold a joint business (corporate) account with a resident business partner ?

Thank you for such a informative video. I want to know are these penalties and rules follows for an international student outside India or not??

Thank you for the information I am NRI, without knowing I opened new SB account for me and my wife in different bank, I have NRE & NRO AC in different bank, so I need to change my AC only or my wife AC also, she staying with me. is there any penalty while changing?

I am living overseas for last 3 years and 5 months. I have saving account in India in which my pension comes . And few FD's. Due to unaware of law I couldn't convert into NRO account. Now I will visit India in November this year. Pls advice me that can I will able to convert that or I have to face any penalties.

@samruddhakocharekar4742

11 ай бұрын

Same here was unaware of fema laws

Is it applicable for dormant saving accounts as well? Thanks for the detailed info on this sir. Also my Status will change to NRI next month and I am already outside of India. Have I already violated the FEMA act?

Sir can you explain it...It is illegal to trade. The RBI cautions the public not to undertake forex transactions on unauthorized ETPs or remit/deposit money for such unauthorized transactions. Resident persons undertaking forex transactions for purposes other than those permitted under the Fema or on ETPs not authorized by the RBI shall render themselves liable for penal action under the FEma. Is there is penalty or prosecution for transfer the amount to trading app like octafx, quotex? even if they have indian bank transfers enabled?

Thanks for sharing this valuable information, may i ask you one question, what if a spouse of an NRI gets a dependent Visa without work permit, do they also need to convert their SB account to NRI account?

@dhanushbolar7751

2 жыл бұрын

Yes, as per the FEMA she will be person resident outside India and she has to designate her resident account to NRO account.

Sir if i buy American Powerball lottery Bu using Rupay Debit Card with INR currency does FEMA impose penalty on me

what is meaning of "compounded"

How to contact Mr. Danush Bolar

Sir. Thank you for your video. I have a question. My daughter has Just gone to USA on official work for 1 and half years. She is maintaining an sb account in two banks and she also has SIPS for mutual funds running from one bank account and stocks investments through another bank account. Kindly suggest anything We have to do now. If anything is to be done can it be done by parents. Thank you in advance.

Hi, Is there any timeframe within that an NRI has to convert SB account to NRO? Should it be done within the financial year or from day one he lands in a foreign country?

@Arun-ye3uq

2 жыл бұрын

Not from the day one he land in a foreign country!

@Arun-ye3uq

2 жыл бұрын

In simple terms, an Indian citizen residing outside India for a combined total of at least 183 days in a financial year is considered to be an NRI.

@kspradeep8397

2 жыл бұрын

You need to exceed 182 days of residence outside India and then only you can apply to bank for conversion of account. Normally banks donot bother much if you don't inform them until you try to transfer the funds lying in the savings account abroad. But it is better to convert the resident savings account to Non-Resident account. After returning to india you can again convert it back to Resident savings account once you cross the 182 days timeline within India

If I am an NRI and I do have Indian bank loan related savings and loan account, should that saving account be changed to NRE/NRO? Will it cause any issue on the auto disbursements of the EMI from saving to loan account? What do you suggest?

@NRIMoneyClinic

2 жыл бұрын

It must be converted to NRO Loan instalments can be debited to your NRO account

What if NRI Has saving account but never did any transaction. Would he be penalised?

Thanks for the great content: 1) 300% penalty for the agriculture land purchase is the 300% of the purchased value in the past? let's say land purchased in year-2018 for 1 lakh, so 300% would be 3 lakhs? or 300% of the current value which let's say 5 lakhs now in year 2022, then that would amount to 15 Lakhs, can you please clarify? 2) 5000 per day applies for the agriculture land purchase too or that was specific to Savings account? 3) What If parents want to give agriculture land to OCI, and did a sale deed (sold to son, but there is no money exchange since they want to give it to son as a inheritance/gift), only reason it was sold (sale deed) to make sure there is no issues with the siblings in the future. Since the transaction is from parents to son/daughter, will this come under violation? 4) if so can the son/daughter gift it back to parents and add it in "WILL" for OCI son/daughter to inherit after parents? 5) can Parents provide any documentation that this sale is not a real sale but part of the property split among siblings (Parent is alive). Thanks

@kspradeep8397

2 жыл бұрын

Ancestral property holding is permitted.

What if the SB account is already converted into NRO but the SB was operating for a while previously for some years when an individual was NRI and all the transactions were operated legal ( transactions) , secondly what if a NRI is holding agricultural land that was purchased when he was resident? Now he is NRI

@dhanushbolar7751

2 жыл бұрын

1. Conversion of SB to NRO account would regularize the contravention. You should be able to prove that this was unintentionally if you get any notice from statutory authority, so that they would take lenient view. 2. NRI can continue to hold agricultural hold which was purchased when he was resident.

@Watchhbx

2 жыл бұрын

@@dhanushbolar7751 Thank you, what abt my second point

@Watchhbx

2 жыл бұрын

Thank you 🙏 for both points solutions! What is the mechanism to take farm land or agriculture land for NRIs

Good information. But why don't you tell the section of fema guidelines

What happens to the deposits held and locker held

What is the penalty for continuing NRE Fixed deposit after, becoming a resident Indian?

At times we request the bank to change the status of resident SB account to NRO and provide necessary documents , still they don't do it. Inspite of multiple request and emails one public sector bank continued to main the status as SB only. What to do in such situations

What about credit card

Banks dont allow to close the account online and also dont provide easy way to convert SB to NRI account when you are out of India. Will there be penalty even if the resident account is left with zero balance if I cant close the account.?

@NRIMoneyClinic

2 жыл бұрын

Please write a letter to RBI on these issues faced by you with bankers

What about students who go for higher studies for two or three years and still keep a resident savings account?

@SurajInd89

2 жыл бұрын

Students are also NRIs and are supposed to convert their resident accounts to NRI during their stay abroad.

Hello Sir I have started seeing your Videos quite recently(less than 1 month) Iam quite impressed with the way you present your questions to the specialists like Sri Sri Ram Rao and others who are brilliant. Conveying such important rules on Money which people like me are not even aware of. The question: I have a joined savings account in a bank in India along with 2 of my brothers who are residents in India. Do I have to close that account? Even though Iam not a primary account holder (as per FEMA law we are not supposed to hold resident savings account )

Pl. clear defination on NRI under FEMA specially for student?

What if NRI had a savings account for many years but didnt use it. And now the account has been closed recently. Can they still penalise for 10 years when the savings account was opened at the rate of 5000 per day?

@NRIMoneyClinic

2 жыл бұрын

Violation is definte . But someone serves you a notice or not is different issue . Now that you have closed this , take this issue out of your mind . Chapter closed for you

Can you also please clarify on what if NRI holds a SB account and dont do any transactions in it?

@dhanushbolar7751

2 жыл бұрын

You cannot hold resident account.

What if one do share trading in indian market being an NRI

All want to preserve the money and properties for the future. Can't take them to the next world. What others do is not related to the self.

@paneerselvam1696

2 жыл бұрын

Sir. A person having a SB account and he is paying SIP instalment monthly for 15 years, getting rents and dividends credited in his S B account. In the meantime is has become NRI. He informs his banker about his NRE status. Will he be penalised.

Hi @NRI Money Clinic If I am employed to Indian company and my base branch is in India and I am e.g. deputed to Australia for 2 years. Now I open a NRE and convert Resident acc to NRO. 1. Can I still invest in my existing Mutual fund folio from my NRO account?

@NRIMoneyClinic

2 жыл бұрын

Yes , you can do that . Folio tax code should be changed to NRO account

Sir you said nri cannot hold ordinary resident saving account in india. If there was an existing joint account with mother when both were residence and HL emi is being deducted through the said account. Later the son become nri and mother continue to be resident . as per IT act the emi has to deducted from a joint SB account if HL deduction is to be claimed by both. Then whether continue to hold this joint account only for the purpose of deducting HL emi will be a contravention under Fema to the nri son.

@NRIMoneyClinic

2 жыл бұрын

The first account holder is taken into account. If NRI is first account holder , then SB account has to be converted into NRO account and mother can be the second account holder in this . If first account holder is mother , then no change is required

@rajagopalaniyer4040

2 жыл бұрын

@@NRIMoneyClinic whether nro account can be continued with mother (as resident) as second named can be continued with that of nri son??

Aravind Bolar na gurtha unda ereg?

Can a NRI hold a local account as a joint account with his wife who is not a NRI?

@dhanushbolar7751

2 жыл бұрын

Yes, he can be second holder in the resident joint account.

I have SB account and loan account where I transfer from Canada to SB account and bank debit from SB to loan account. Also My father is joint account holder with me. Should I be concerned?

@NRIMoneyClinic

2 жыл бұрын

You should convert this SB account to NRO account

1) SB A/c to convert in to NRO a/c 2) To close SB a/c & thereafter to open NRO a/c Which option will be good as getting Interest/ Dividends as well as House Rent only. pl advise, thanks

You are insane with knowledge of Fema... thanks a lot.. 1. I have so many SB accounts do I need to close all of them though I am not making any transactions 2. I have bank lockers in related to SB account what will happen to that? 3. Does home loan linked to SB account also to be converted to NRO ?

@NRIMoneyClinic

2 жыл бұрын

Yes . SB account has to be replaced by NRO account and all commitments can be shifted to that account

If NRI transfers the money to parents who are dependent on NRI and they later parents also invest the money in Land or property or mutual funds , is it allowed ? All investments are owned by parents .

@dhanushbolar7751

2 жыл бұрын

Yes, investment can be made in their name.

I have a question... Do students from India who go abroad for 1 or 2 years require NRE/NRO account?... Also i would like to know .... suppose i have earned X lakh rupees in India when I was a resident and now i have converted my savings account to NRO. Will that 30% tax be applicable on this saving which was earned as an Indian or it will be only applicable to new earnings ? Suppose if we do a fixed deposit in NRO account then 30% TDS will be deducted?? Is the income tax slabs same for NRIs as Indians ? Also I would like to know if a person is an NRI and holds indian residential savings account but does not do any foreign transaction and only earn through the income on FDs (govt already cuts TDS). Will it still be a problem?? I am unable to understand on which income or bank transactions we fall under FEMA law on which we need to pay 3 times the penalty? Is it the income generated on FDs or rent we deposit to our banks....please help....my question is only related to banking line and not farming land etc..

@dhanushbolar7751

2 жыл бұрын

1. Yes, if the student is claiming NRI status, he has to open NRE/NRO account. 2. 30% TDS rate is applicable on interest earned from NRO Account including SB & FD. But you can claim refund of TDS deducted by filing income tax returns in India, in case your taxable income in India is not exceeding basic exemption limit of Rs.2.5 lakhs. 3. NRI cannot hold resident account even if you don't do any transaction from such account. 4. First designate your all resident account to NRO account. NRO account can be in the form of SB/FD. You can credit the rental income to your NRO account.

@aw4707

2 жыл бұрын

@@dhanushbolar7751 @DHANUSH BOLAR Thank you so much sir for replying..i have some doubts.... 1. What does it mean to claim NRI status as you said above... Is it on student whether he chose to be NRI or not... What does claiming mean above ? 2. Is the income tax slab same for NRIs or students as Indians? Like they are exempted from income tax if they are earning less then 5 lakh per annum in India ? 3. How is a penalty calculated and imposed on a residential savings bank account ? Suppose on an account with no foreign transaction or minimum Indian transaction? Also no money has been credited from foreign. 4. What happens if an NRI holds more then one residential savings bank account? Is penalty imposed separately on each bank? How much it is ? 5. What happens to the amount which was already there in savings bank account once account is converted to NRO... Do we need to pay tax on savings as well or income ?

Is international mobile recharge violation of fema?

@NRIMoneyClinic

2 жыл бұрын

Definitely not

Thanks for valuable information 1. What happens to Home loan account which was started as resident and still active ? 2. I am on on-site deputation so Some portion of salary still gets deposited into INR in Indian Salary account (SB) do this also needs to converted to NRO? Looking forward for guidance on above queries

@dhanushbolar7751

2 жыл бұрын

1. Home can loan can be repaid from your NRO account. 2. Whether you are employed in the Indian company and left India on on-site deputation?

@laxmik900

2 жыл бұрын

@@dhanushbolar7751 thank you for your reply. yes I am employed in Indian IT company so my base location is India and I am deputed to overseas for on-site deputation , so I was getting Indian salary in INR as mentioned earlier and overseas allowance in deputation country for approximately 3 years And from this FY entire salary is now being paid in deputation country only. Please give your guidance

@boaluffy

2 жыл бұрын

Same situation

@laxmik900

2 жыл бұрын

@DHANUSH BOLAR Can you please reply to above clarification asked by you?

@dhanushbolar7751

2 жыл бұрын

@@laxmik900 Salary received in India when you were on deputation to a country outside India can be credited to your resident savings bank account. From this year onwards you have remit the salary received in deputation country to your NRE account.

Is there a violation or penalty for someone who was NRI, currently Resident status, holding NRI bank account?

@NRIMoneyClinic

2 жыл бұрын

Its a violation. But need more information on your case to clearly answer your query

Can I buy agricultural land as commercial land?

@kspradeep8397

2 жыл бұрын

Dont buy directly. Buy it in the name of your parents or resident relatives whom you trust (I lost one property by keeping one property in my cousin's name though I was resident in India bcoz he didnt return it to me )

Any different rule for Indians residing in Middle East? They r still Indian passport holder.

@NRIMoneyClinic

2 жыл бұрын

All Indians are same infront of the law

I have transferd money unknowingly to resident savings account...i am in trouble

@VinuNe

3 ай бұрын

hi..what happen man

@samruddhakocharekar4742

3 ай бұрын

@@VinuNe no all good

An NRI can always purchase the Agricultural land in name of his/her parents and at a later point inherit the same ? Is this also a violation of FEMA law ?

@dhanushbolar7751

2 жыл бұрын

Under FEMA there is a general principle that what cannot be done directly, cannot be done indirectly.

@SkiNett

2 жыл бұрын

@@dhanushbolar7751 thanks for your reply. Couple of follow up questions: 1) does the FEMA law apply to a resident Indian holding a foreign citizenship? 2) a farmland or farmhouse given as a gift to ageing parents is also considered illegal ? The gift Could also have been a reason to secure the livelihood of ageing parents!

@dhanushbolar7751

2 жыл бұрын

​@@SkiNett 1. Yes it is applicable. 2. When the agricultural land was acquired ? Whether it was acquired when you are resident in India?

@SkiNett

2 жыл бұрын

@@dhanushbolar7751 Thanks. I haven't done anything as such, just trying to understand the possibilities and also the consequences !

I have just moved to EU do i need to change my account SB o NRO account

@NRIMoneyClinic

2 жыл бұрын

Yes ...if you have become an NRI

@sagarchokatkar3510

2 жыл бұрын

@@NRIMoneyClinic Thanks for your reply sir, But I have not yet received any residence permit or temp residence here(poland), Its just 10 days I moved out of country. In this case also the same.

@NRIMoneyClinic

2 жыл бұрын

You can take your time .. reasonable

@sagarchokatkar3510

2 жыл бұрын

@@NRIMoneyClinic Thanks for your response sir.

Can nri hold and use credit card?

@dhanushbolar7751

2 жыл бұрын

Yes you can use credit card

@kirankarthick4604

2 жыл бұрын

@@dhanushbolar7751 thanks. Does that mean no need to surrender existing card and continue using the same. Hdfc bank guys asked me to cancel the card and reapply the creditcard

Heard that for SB account only 10% tax while having NRO its 30%. If we are changing account from SB to NRO need to pay this 30% tax for the amount thats already in the SB. Expecting your response...

@NRIMoneyClinic

2 жыл бұрын

What you are talking is TDS . Not tax . Penalty for holding the account is much higher than the TDS you pay

@dhanushbolar7751

2 жыл бұрын

Refund of TDS deducted by the bank on your interest income from NRO account, can be claimed by filing income tax returns in India if your taxable income in India do not exceed basic exemption limit of Rs.2,50,000/-.

@ferozkhanmohamedghani6430

2 жыл бұрын

@@dhanushbolar7751 Many thanks for your very detailed replies. sir - if suppose one got tds deduction of 2.5 lac per annum - this entire tds can be claimed if there is any other source of income is there? kindly clarify.

U cud hv started with full form of FEMA

@snehanaik4409

2 жыл бұрын

Check first video, he already recommended to watch at the beginning

@sureshtb1208

2 жыл бұрын

@@snehanaik4409 I googled it already

Ò

Are you gaid in Kannada language?