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Can an NRI returning to India keep his money in Bank accounts abroad?

April 26, 2017abroad bank accounts India money NRI returning

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Can an NRI returning to India keep his money in Bank accounts abroad?

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A. Yes, NRIs returning from abroad after a continuos stay of at least one year can maintain their bank accounts abroad. They can deposit all income earned abroad while they were resident there. Also any income earned on any asset (immovable or not ) acquired while staying abroad can be deposited in this account. Moreover, any pension received by such person from the erstwhile employers can also be deposited in this account.Any fresh credit to such account can be made only if it is out of foreign currency acquired from the above mentioned sources.