FEMA Penalties For NRI's: Understanding NRO, NRE & FCNR Accounts - E006 | SIP for NRI - Malayalam

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Can NRI Continue With Resident Savings Account In India? What's the penalty for keeping savings accounts and deposit accounts as an NRI? What are the different types of accounts NRI can hold? All these questions are answered in thids video. If you find this video useful, Please share it with your friends.

FEMA (Foreign Exchange Management Act) regulations in India govern various aspects related to foreign exchange transactions, investments, and holdings by NRIs (Non-Resident Indians). These regulations aim to regulate and monitor foreign exchange transactions to maintain the stability of India's financial system. Here are some key aspects of FEMA regulations for NRIs:

NRIs can hold different types of bank accounts, such as Non-Resident External (NRE) accounts, Non-Resident Ordinary (NRO) accounts, and Foreign Currency Non-Resident (FCNR) accounts.
NRE accounts are maintained in Indian Rupees and are freely repatriable, meaning funds can be transferred back to the foreign country without any restrictions.
NRO accounts are for managing income earned in India, and repatriation of funds from these accounts may have certain limitations.

As per the FEMA regulations, an NRI will be liable to pay up to 3 times the amount involved in it or Rs. 2 lakh (if the amount is not quantifiable) for not converting a resident account to an NRO account. Moreover, a daily penalty of Rs. 5,000 will be levied from the 1st day of violation of rules

Non-compliance with FEMA regulations can lead to penalties, including monetary fines, confiscation of assets, or imprisonment, depending on the severity of the violation.

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