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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.
Mumbai: India s central bank expanded its version of quantitative easing (QE) to keep borrowing costs anchored, as economic growth is seen faltering because of a resurgent COVID-19 wave. The Reserve Bank of India will buy an additional 1.2 trillion rupees ($16.4 billion) of bonds under the so-called Government Securities Acquisition Programme 2.0, Governor Shaktikanta Das said.
The programme is aimed at keeping government borrowing costs anchored to ensure it can aid an economic recovery. The central bank lowered its expectation for gross domestic product growth to 9.5 per cent in the current fiscal year, down from 10.5 per cent previously. The Monetary Policy Committee kept the benchmark repurchase rate steady at 4 per cent.