I will be staying in India for 120 days in the year (2020-21) but haven’t been there in last 4 years for 365 days in total. Will I be still considered an NRI as per the new amendment? Also with regards to FCNR deposits should we convert them into INR once we return or can they exist until the maturity date?
SBNRI Team
answered on 16/11/2020
Yes, you will be an NRI for (2020-21) since you haven’t stayed in India for 365 days or more in the previous 4 years.
Regarding FCNR Deposits, you can continue them till maturity after returning to India. Post maturity, you can convert them into Resident Foreign Currency (RFC) Account. You don’t need to convert FCNR Deposits into INR.
Click on the button below to get in touch with our expert for more such queries.
Related Questions
SBNRI Team
answered on 02/03/2023
OCI refers to Overseas Citizen of India which can be simply understood as the status given to people with a foreign citizenship who are granted with certain rights and freedoms that the citizens of India and NRIs enjoy except the following rights: voting rights, candidature in various houses of government, constitutional posts such as President, […]
SBNRI Team
answered on 22/03/2020
Refer to the table below to understand about the various types of NRI Accounts: Types of NRI Accounts Factors to consider Non Resident External (NRE) Account Non Resident Ordinary (NRO) Account Foreign Currency Non Resident (FCNR) Account Purpose For income earned outside India For income earned from India (pension, rent etc.) Foreign Currency Investment in […]
SBNRI Team
answered on 26/04/2023
NRI as per Income Tax NRI as per Income tax isn’t defined directly which means that there is no definition for Non Resident Indians (NRIs) under the IT Act, but it lays down certain criteria to certify citizens as residents of India. New Rules for NRI Taxation According to New Rules for […]
SBNRI Team
answered on 23/02/2023
NRI as per FEMA Non-Resident Indian (NRI) as per FEMA or Foreign Exchange Management Act is a person who has gone out of India or stays outside the country for the purpose of employment, business, vocation (occupation for which an individual is trained) or any other circumstances indicating his/her intention to stay outside India for […]
