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Dubai: One of the most common queries among Non-Resident Indians (NRIs) is whether or not he or she will get fined if a regular Indian resident savings account is not converted to a non-resident account after moving away from home and settling abroad in a country like the UAE. If you are operating a normal savings or current account while residing outside the country for a prolonged duration, you could be in violation of India’s Foreign Exchange Management Act (FEMA) laws of the Reserve Bank of India (RBI). Let’s understand how. Image Credit: Reuters While there is no clear mandate concerning the legality of a NRI holding a resident account in India, what you should be aware of is that one should not hold accounts with different tax statuses. Meaning, you should either hold non-resident accounts or resident accounts but not both, tax consultants caution.

United arab emiratesIndia foreign exchange management actStock reserve bankNon resident indiansForeign exchange management actReserve bankNon resident externalNon resident ordinaryReceiving indianIndian income tax actIncome tax returnஒன்றுபட்டது அரபு அமீரகங்கள்இந்தியா வெளிநாட்டு பரிமாற்றம் மேலாண்மை நாடகம்ஸ்டாக் இருப்பு வங்கிஅல்லாத குடியிருப்பாளர் இந்தியர்கள்வெளிநாட்டு பரிமாற்றம் மேலாண்மை நாடகம்