What is the status of non-residents on a temporary visit/stay in India?
Under FEMA, intention of stay is relevant. Accordingly, it could be opined that if the intention is for a temporary visit / stay, the person would continue to be a non-resident. Top • What will be the status of bank accounts held in India, if the NRI decides to become a resident? What then would be the status of a foreign currency account held abroad if the NRI decides to return to India? • NRE accounts would have to be redesignated as resident accounts or converted into RFC (Resident Foreign Currency) Accounts. • FCNR(B) Accounts can be retained in their present form upto maturity and thereafter converted into RFC Accounts • NRO Accounts have to be redesignated as resident accounts. • NRIs who return to India can freely maintain and operate their foreign currency accounts with banks abroad, but are restricted from opening new ones Top • Can NRIs returning to India continue to hold on to securities that they had acquired during their stay abroad? A person resident in India is free to h
